Shares of Santa Paula-based Limoneira Co., the largest citrus grower in the Tri-Counties, gained nearly 7 percent in their first day trading on the Nasdaq Stock Market.
The company’s stock was formerly traded on the Pink Sheets, an over-the-counter exchange. Moving to the higher-visibility Nasdaq on May 27 was part of a plan Limoneira announced this spring to become a fully reporting public company.
Limoneira will have to report more information to the public than before and face stricter compliance guidelines. But after a 10-for-1 stock split that shifted the decimal point in share prices and the move to the Nasdaq, it will be easier for investors to trade Limoneira stock. The company is still majority owned by descendants of its founding families.
Limoneira shares, trading as LMNR, closed at $18.50 on May 27, gaining $1.20 from their opening price of $17.30. That price is still below the 52-week high of $19.50 but well above the $12.50 low.
Trading volume on the stock’s first day on the Nasdaq was heavy. Some 11,302 shares changed hands, compared with an average 5,331 shares a day over the past three months.