Forafric Global (NASDAQ:AFRI) Stock Jumps 2% – Should You Buy?

Forafric Global PLC (NASDAQ:AFRI) traded up 2% on Thursday. The stock traded as high as $12.72 and last traded at $12.50. 67,564 shares changed hands during mid-day trading, an increase of 129% from the average daily volume of 29,538 shares. The stock had previously closed at $12.25.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forafric Global in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, Forafric Global currently has a consensus rating of “Sell”.

Forafric Global Price Performance

The firm’s fifty day simple moving average is $11.05 and its 200-day simple moving average is $10.40.

Hedge Funds Weigh In On Forafric Global

A hedge fund recently raised its position in Forafric Global stock. Renaissance Technologies LLC grew its stake in Forafric Global PLC (NASDAQ:AFRI) by 17.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,900 shares of the company’s stock after acquiring an additional 2,400 shares during the quarter. Renaissance Technologies LLC owned about 0.06% of Forafric Global worth $153,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 5.49% of the company’s stock.

About Forafric Global

Forafric Global PLC is a Morocco-based food company that produces, processes and distributes staple food products. Its operations are centered on the milling of wheat and other grains, with products including flour, semolina, couscous and pasta, as well as related packaged food items.

The company markets products under brands including MayMouna and supplies both consumer and business customers. Its activities span agricultural sourcing, food processing, packaging and distribution, serving retail, food-service and industrial customers.

Forafric traces its roots to Morocco, where it has developed a longstanding presence in the grain-processing and packaged-food industries.