Jim Cramer: Diamond Foods (DMND) Is Investable Again

NEW YORK (TheStreet) -- Shares of Diamond Foods Inc  (DMND) were getting a boost, up 4.26% to $32.05 in late morning trading Thursday, after Jim Cramer explained why he likes the company on CNBC's Mad Money show Wednesday night.

Cramer said Diamond Foods is one of the best turnaround stories that Wall Street isn't paying attention to.

He noted that Diamond was a faster-growing niche food maker specializing in nuts, chips and other snack foods five year ago, but "lost its mojo." In 2012, shares tumbled following an accounting scandal leading to an SEC investigation.

Now that its accounting issues are resolved and the company reported three straight quarters with strong numbers, Cramer believes Diamond Foods is investable again.  

Stockton, Calif.-based Diamond Foods is a packaged food company that specializes in processing, marketing and distributing snack products and culinary, in-shell and ingredient nuts.

The company sells products under Kettle U.S., Kettle U.K., Pop Secret, Emerald and Diamond of California.

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