Forafric Global (NASDAQ:AFRI) Stock Price Up 3.2% – Here’s What Happened

Forafric Global PLC (NASDAQ:AFRI)’s share price was up 3.2% on Monday. The company traded as high as $13.36 and last traded at $12.80. Approximately 52,779 shares changed hands during mid-day trading, an increase of 99% from the average daily volume of 26,561 shares. The stock had previously closed at $12.40.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wall Street Zen upgraded Forafric Global to a “hold” rating in a research note on Saturday, October 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forafric Global in a research report on Thursday, August 13th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Forafric Global presently has a consensus rating of “Sell”.

Forafric Global Stock Up 2.9%

The firm has a 50 day moving average price of $11.77 and a 200-day moving average price of $10.51.

Hedge Funds Weigh In On Forafric Global

Several hedge funds and other institutional investors have recently bought and sold shares of AFRI. Russell Investments Group Ltd. boosted its holdings in shares of Forafric Global by 34.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 84,090 shares of the company’s stock valued at $922,000 after acquiring an additional 21,585 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Forafric Global by 17.8% during the first quarter. Renaissance Technologies LLC now owns 15,900 shares of the company’s stock worth $153,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Forafric Global during the first quarter worth $102,000. Institutional investors and hedge funds own 5.49% of the company’s stock.

Forafric Global Company Profile

Forafric Global PLC (NASDAQ: AFRI) is a food-processing company focused on producing and distributing staple foods in Africa. Through its operations in Morocco and other African markets, the company processes grains and manufactures products such as flour, semolina, couscous and pasta. The company serves retail, food-service and industrial customers, supplying branded and private-label food products. Its portfolio includes Moroccan and African food brands, while its distribution activities support sales across domestic and regional markets and, in some cases, international export markets.