MLP

Maui Land & Pineapple ($MLP) Director's 32 Consecutive Purchases Over 7 Months... Q3 Revenue Surges 83% Amid Hawaii Real Estate Recovery

12/10/2025 21:38

Maui Land & Pineapple Company ($MLP) is a Hawaii-based real estate development and agriculture company operating land leasing business and farming operations in the premium Kapalua resort area on Maui Island. With a market capitalization of $330 million, this small-cap company holds a unique position in Hawaii's premium real estate market. The most remarkable development is Director Stephen Case's extraordinary buying spree. From May 29 to December 9, 2025, over approximately seven months, he conducted 32 consecutive purchase transactions. Particularly notable was his concentrated buying from late November through early December: 5,000 shares ($72,000) on November 20, 5,000 shares ($71,000) on November 21, 5,000 shares ($75,650) on November 24, and 5,000 shares ($76,800) on November 25. Case holds these shares through the Stephen M. Case Revocable Trust, where he serves as the sole trustee with exclusive voting and disposition authority. This insider confidence appears well-founded. $MLP reported Q3 2025 operating revenues surged 83.1% year-over-year, driven by leasing growth and new tenant agreements. Recurring leasing revenue increased 39% year-to-date. While net loss occurred due to a $6.9 million pension expense, operational improvements were evident. Hawaii's broader real estate market recovery provides additional support. Governor Josh Green signed Senate Bill 1044 (Act 296) in July, stabilizing the property insurance market. The act reactivated the Hawaii Hurricane Relief Fund and established a Condominium Loan Program, offering up to 70% savings on hurricane insurance premiums for some properties. This insurance relief significantly enhances Hawaii real estate investment attractiveness. $MLP's strategic moves are equally noteworthy. In early December, the company entered a purchase agreement with Harvest at Kumulani Chapel for a 6.5-acre land parcel in Kapalua worth $10 million, with a 90-day due diligence period. This represents a cash-generating strategy, potentially freeing capital for more profitable opportunities. CEO Race Randle also demonstrated confidence by purchasing 3,000 shares ($42,720) and 2,000 shares ($28,960) on November 20-21, respectively. This collective insider buying signals strong management confidence in the company's future prospects. The stock price pattern is intriguing. Following Trump's election victory in 2024, $MLP surged from $22 to $25.51, but declined to the $14 range in H1 2025. However, it recovered to the $19 range in H2, showing stabilization. Case's concentrated buying in the $14-17 range appears to have captured the bottom effectively. From an investment perspective, $MLP presents compelling opportunities. The combination of exclusive access to Hawaii premium real estate, strong insider buying signals, improving operations, and supportive Hawaii real estate policies creates multiple positive catalysts. As a small-cap stock, even modest changes could significantly impact share price, offering substantial upside potential. However, risks remain. Geographic limitations in Hawaii, tourism dependency, and inherent small-cap volatility require consideration. Additionally, the sustainability of Case's buying pattern and whether actual business performance meets expectations remain to be seen. Currently, $MLP combines two powerful drivers: insider confidence and fundamental business improvement. With structural improvements in Hawaii's real estate market, meaningful medium-to-long-term appreciation appears achievable.