H.C. Wainwright reiterates Arcadia Biosciences Inc. [RKDA] rating to buy and sets new price target at $8

MRAI Stock
MRAI Stock

H.C. Wainwright maintained its Arcadia Biosciences Inc. [RKDA] rating to the equivalent of a Buy but ‎changed the price target to $8 from $10, in a research note dated Dec 28, 2020. That figure represents ‎around a 67.75% premium from where the company’s shares closed on Thursday. Other analysts also ‎revised their coverage, with H.C. Wainwright’s analysts reiterating the shares to “a Buy” rating in a ‎research note to investors issued in mid August. Meanwhile, Piper Jaffray had lowered its rating on ‎RKDA to “Neutral” from the earlier “an Overweight”, in a research note produced for clients May 12, ‎‎2017. In addition, there was a new coverage from Piper Jaffray on June 09, 2015. The research firm ‎rated RKDA “an Overweight”.

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Is Arcadia Biosciences Inc. [NASDAQ:RKDA] a Good Buy Right Now?

It should be noted that ‎RKDA technical indicators for short, intermediate as well as long term progress have placed an overall ‎average of 100% as Sell. The average signal changed from 96% Sell in the last week and compares with ‎‎64% Sell in the past month. Data from Arcadia Biosciences Inc.’s Trend Spotter indicated that the ‎signals were Weakening. The stock current average is 0.41 million shares in the past 20 days and the ‎short term average signal indicates a 100% Sell. In the last 50 days, the average trading volume was ‎‎0.24 million shares while the medium term average advocated for 100% Sell. The average long-term ‎signal stands at 100% Sell and the 100-day average volume stands at 0.25 million shares.‎‎

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RKDA Price Performance

On Wall Street, Arcadia Biosciences Inc. [NASDAQ:RKDA] finished ‎Thursday’s session down -1.15% at $2.58. The stock went up to $2.64 at the same session while its ‎lowest single day price was $2.53. In the last five days, it saw a fall of about -11.95%, Arcadia ‎Biosciences Inc. shares dropped by almost -52.92% since the beginning of the year. However, the ‎share price has dropped to as low as -61.09% below its one year high. On 01/30/20, the company ‎shares recorded $6.48, the highest single-day price it has got to in the last 52-weeks and a 52-week low ‎was seen on 03/23/20, the same year at $2.30. The company’s shares have declined by -58.49% in the ‎past year. The 50-day SMA achieved is $3.08 while the 200-day SMA is $3.42. Volume dropped to 0.21 ‎million from 0.34 million in the previous session.‎‎

RKDA Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing is ‎perceived around 2.53 level, and in case of violation of this particular level, it will cause more drop to ‎‎2.47 level. On the upper level, 2.69 is still the key resistance. The stock may increase to the subsequent ‎resistance at 2.64. The Relative Strength Index (RSI) pinned on the 14-day chart is 35.07, implying a ‎neutral technical stance while the MACD stands at -0.25, meaning price will decrease in the next ‎trading period. Percent R indicator moved to 77.36%, implying bearish price movement. Stochastic %K ‎at 25.79% suggest selling the stock.‎‎

What is the short interest in Arcadia Biosciences Inc.?

Short interest in the Arcadia ‎Biosciences Inc. stock has surged, increasing by 0.1 million shares to total 96780.0 shares on Dec 14, ‎‎2020. The interest had seen shares on Nov 12, 2020 stand at 0.2 million, data from Yahoo Finance ‎shows. The decrease of -106.93% suggests the stock saw some decreased bullish sentiment. The ‎stock’s days to cover (short ratio) moved to while the shorted shares account for just 1.00% of the ‎overall float for the stock.‎‎

Arcadia Biosciences Inc.’s Biggest Shareholders: Who Owns Arcadia Biosciences Inc. ‎‎[RKDA]?

Filings by Sabby Capital LLC showed that the firm now holds a total of 275,123 shares or ‎roughly 2.54% of the outstanding RKDA shares. This means their shares have increased by 215,580 ‎from the 275,123 the investor reportedly held in its prior 13-F filing. With the conclusion of the ‎purchase, The Vanguard Group, Inc. updated stake is worth $853,789. Details in the latest 13F filings ‎reveal that Anson Advisors, Inc. disposed off their -55.27% stake valued at $788,431. During the last ‎quarter, Anson Advisors, Inc. liquidated -292,574 of its shares in Arcadia Biosciences Inc. while GSA ‎Capital Partners LLP bought 100,955 shares. The Geode Capital Management LLC’s holdings currently ‎number 49,105 shares at $126690.9. According to the firm’s last 13F report, Ardsley Advisory Partners ‎LP shares in the company at filing stood at 25,000 shares, roughly $83,250.‎‎

RKDA Earnings Forecast For The Current Quarter

Arcadia Biosciences Inc. [RKDA] is expected ‎to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the ‎company expected revenues of $1.09M and an earnings per share of -$0.46 for Dec 2020. Looking ‎further ahead, the company is expected to report revenue of $1.67M at an EPS of -$0.41 for Mar 2021. ‎The estimates represent upside of 509.00% and 33.20% in the company’s revenue and earnings per ‎share, respectively, on a year-on-year basis.‎‎

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RKDA Earnings Estimates For The Current ‎Year

For the financial year, Arcadia Biosciences Inc. [NASDAQ:RKDA] is expected to bring in ‎revenue of $1.99M. The returns are nearly $0.82 million higher than the company’s actual revenue ‎recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at -2.17, higher than that ‎of FY19 by $2.36. Estimates put this year’s earnings growth at 52.10%, 33.20% for the next, and at an ‎annual 14.96% over the next 5-year period. As for sales, forecasts are for an increase of 70.20% in the ‎current fiscal year and a further 509.00% over the following year.‎


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