Forafric Global (NASDAQ:AFRI) Shares Up 0.3% – Here’s Why

Shares of Forafric Global PLC (NASDAQ:AFRI) shot up 0.3% during mid-day trading on Thursday . The company traded as high as $10.09 and last traded at $10.04. 7,161 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 23,954 shares. The stock had previously closed at $10.01.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of Forafric Global from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Forafric Global presently has a consensus rating of “Sell”.

Forafric Global Stock Down 1.7%

The stock’s 50 day moving average is $9.81 and its 200-day moving average is $10.01.

Forafric Global (NASDAQ:AFRI) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.04) earnings per share (EPS) for the quarter. The company had revenue of $44.57 million for the quarter.

Hedge Funds Weigh In On Forafric Global

A number of institutional investors and hedge funds have recently made changes to their positions in AFRI. Russell Investments Group Ltd. increased its stake in shares of Forafric Global by 197.1% during the second quarter. Russell Investments Group Ltd. now owns 13,527 shares of the company’s stock valued at $106,000 after purchasing an additional 8,974 shares in the last quarter. Sei Investments Co. bought a new position in shares of Forafric Global during the second quarter valued at approximately $78,000. Bank of America Corp DE increased its stake in shares of Forafric Global by 28.6% during the second quarter. Bank of America Corp DE now owns 23,129 shares of the company’s stock valued at $180,000 after purchasing an additional 5,143 shares in the last quarter. Great Lakes Advisors LLC bought a new position in shares of Forafric Global during the third quarter valued at approximately $103,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Forafric Global by 36.6% during the third quarter. JPMorgan Chase & Co. now owns 5,345 shares of the company’s stock valued at $46,000 after purchasing an additional 1,432 shares in the last quarter. Institutional investors own 5.49% of the company’s stock.

Forafric Global Company Profile

Forafric Global Corporation is a Delaware?incorporated special purpose acquisition company (SPAC) listed on the Nasdaq under the ticker AFRI. Established in 2023, the company was formed to raise capital through an initial public offering for the purpose of identifying and consummating a business combination with one or more operating businesses. As a blank?check vehicle, Forafric Global does not engage in any commercial operations until it completes a merger, share exchange, asset acquisition, stock purchase or similar transaction.

The company’s investment mandate is focused on growth opportunities across the African continent.