Arcadia Biosciences Inc (NASDAQ: RKDA) is climbing in the market today, but if you’re digging for press releases or SEC filings, you’re not going to find any. So, what’s the big deal? The truth is that there is good reason to be excited about this stock. Today, we’ll talk about:
- Why investors are paying attention to RKDA stock;
- what we’re seeing in the market; and
- what we’ll be watching for ahead.
Why Investors Are Watching RKDA
As mentioned above, Arcadia Biosciences is having an incredibly strong day in the market today, but there has been no news. So, what’s the deal?
For those of you that haven’t been following, RKDA is a company that is focused on agricultural technology. The company works on the development of high-value food ingredients, nutritional oils and products that help to meet the needs of consumers with a demand for a healthier diet.
The flagship product at RKDA is known as GoodWheat. This is where all of the excitement is coming from at the moment.
In a press release issued last week, the company announced major developments in the supply chain surrounding the product. The developments have been led by the company’s new Head of Commercial Development, Grant Aldridge.
The company said that since mid-2018, it has significantly expanded its growerbase of its GoodWheat branded varieties. Furthermore, in order to preserve the unique characteristics of the brand, the company developed an identity preservation system. This system ultimately ensures the wheat’s unique quality is maintained throughout the supply chain.
In the release, RKDA siad that it plans to expand acres in the southern hemisphere, helping to expedite supply through a two-hemisphere production cycle. Ultimately, this improvement in infrastructure will expedite supply to key markets for the commercial adoption of the brand.
In a statement, Raj Ketkar, President and CEO at RKDA, had the following to offer:
These supply chain advancements demonstrate our commitment to bringing our GoodWheat portfolio to market, enabling consumers to improve nutrition by eating foods they love. Grant is an excellent addition to our team, and he adds the level of expertise and proven experience that will help us successfully launch GoodWheat.
Moreover, with recent and positive news, it’s not only investors that are cheering the company. In fact, there’s an analyst that believes that the stock is going to climb to $20 per share as a result of its work to expand the global presence of GoodWheat as well as the rest of its product portfolio.
What We’re Seeing From The Stock
While Arcadia Biosciences didn’t release any news today, the social space is buzzing and investors are excited about the stock. With progress made on the GoodWheat brand, the gains aren’t surprising. As is normally the case, our partners at Trade Ideas were the first to alert us to the movement. At the moment (11:17), RKDA is trading at $5.35 per share after a gain of $0.96 per share or 21.87% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on RKDA. In particular, we’re interested in following the story surrounding the company’s continued work to expand the global footprint of GoodWheat as the product represents an incredible growth opportunity ahead. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!