A new name, a new plan, and now, a vote of confidence in the form of insider buying.
After a shakeup that saw Steven Koles out and Rick Heiniger in as boss, insiders are now feeling confident about the prospects of Hemisphere GPS (TSX:HEM), which plans to change its name to AgJunction at its annual shareholders meeting Wednesday.
On May 9th, new VP of Operations Charlie Wohlers bought 10,000 shares of Hemisphere GPS in the open market at $0.777. The move followed recent buys from Heiniger. On April 10th and 11th, the CEO bought 58,000 shares of his own company’s stock at prices ranging from $.80 to $.84.
Wohlers, who joined the company in February, was previously Vice President of Operations with Garsite, a division of Walker Group Holdings that specializes in the design and manufacture of aviation refueling vehicles.
Heiniger, who resigned his position as Vice Chairman of the Board to become CEO, is the founder of Outback Guidance, which was acquired by the predecessor of Hemisphere GPS in 2005. He is the inventor or co-inventor of more than 20 patents in the precision agriculture space.
Last Wednesday, Hemisphere GPS reported Q1, 2013 numbers. The company earned $4.94-million on revenue of $16.6-million. In January, HEM netted $4.6-million from the sale of its non-agriculture business, bolstering the quarter’s bottom line.
Shares of Hemisphere GPS closed today up 2.7% to $.77.