Allan Bridgford Jr., a consultant for Bridgford Foods Corp (NASDAQ:BRID), has recently purchased additional shares in the company. The transactions, which took place over two separate days, resulted in Bridgford acquiring a total of 216 shares for a combined value of $2,323.
On March 15, 2024, Bridgford bought 82 shares at a price of $10.77 each. A few days later, on March 18, he added another 134 shares to his holdings, this time at a slightly lower price of $10.75 per share. Following these purchases, Bridgford's total ownership in Bridgford Foods Corp has increased to 42,965 shares.
The recent acquisitions by Bridgford reflect a continued investment in the company, known for its production of sausage and other prepared meat products. These transactions provide a glimpse into the confidence that insiders may have in the financial health and future prospects of Bridgford Foods Corp.
Investors often monitor such insider buying activities as they can signal corporate executives' and consultants' perspectives on the company's current valuation and potential growth. The details of these transactions are publicly available through the latest Form 4 filings with the Securities and Exchange Commission.
InvestingPro Insights
Amidst the latest insider trading activity, Bridgford Foods Corp (NASDAQ:BRID) presents several intriguing points for potential investors to consider. According to InvestingPro data, the company's market capitalization stands at a modest $97.58 million, with a Price/Earnings (P/E) ratio of 24.68 based on the last twelve months as of Q1 2024. Despite a decline in revenue growth by 7.05% over the same period, Bridgford Foods upholds a Gross Profit Margin of 26.8%, showcasing the company's ability to maintain profitability in its operations.
From an investment standpoint, two InvestingPro Tips might shed light on the company's current market position. Firstly, Bridgford Foods holds more cash than debt on its balance sheet, which could be a sign of financial stability. Secondly, the stock price often moves in the opposite direction of the market, which may appeal to investors looking for a hedge or diversification in their portfolio. Furthermore, Bridgford Foods is profitable over the last twelve months, which is an essential consideration for those focused on bottom-line growth.
While Bridgford does not pay a dividend, indicating a potential reinvestment of earnings back into the company, the InvestingPro Fair Value estimate of $13.19 suggests that the stock may be undervalued at its previous close price of $10.84. For investors and analysts seeking to delve deeper into Bridgford Foods Corp's financials and stock performance, there are additional InvestingPro Tips available, which could provide further insights into making informed investment decisions. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for more in-depth analysis and tips.
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