In a recently released analyst research report, National Securities Corp. Senior Equity Research Analyst, Ben Klieve, CFA, reiterated his buy rating on shares of bio-based pesticides and herbicides company Marrone Bio Innovations Inc. (NASDAQ:MBII) following some big news from the agricultural biotech company.
Just a few days ago, it was announced that Marrone Bio Innovations is purchasing ProFarm, an agriculture technology company in a deal worth $31.8 million amid rising revenues. According to The Sacramento Bee, ProFarm “specializes in technology meant to promote crop growth.”
“This acquisition is an example of the kind of transformative investments that we seek to grow Marrone Bio from a product, crop and geographic perspective, and to do so in a way that can immediately accelerate our revenue growth and margin expansion,” Marrone Bio board chairman Bob Woods said in a prepared statement. “We believe acquisitions like Pro Farm will allow us to cost-effectively expand our global scale, and significantly escalate our growth trajectory.”
The ProFarm news also happened to come alongside Marrone Bio Innovations’ Q2 fiscal 2019 earnings results, which showed a promising future for the company.
According to MBII Chief Executive Officer Pam Marrone, “Suffice to say…the last six months have been a period of extraordinary activity and results on every front at Marrone Bio.”
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