Forafric Global (NASDAQ:AFRI) Stock Price Down 0.3% – Here’s Why

Forafric Global PLC (NASDAQ:AFRI)’s share price traded down 0.3% on Wednesday . The stock traded as low as $10.23 and last traded at $10.37. 17,113 shares traded hands during trading, a decline of 27% from the average session volume of 23,576 shares. The stock had previously closed at $10.40.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Forafric Global in a research report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Forafric Global has an average rating of “Sell”.

Forafric Global Stock Down 0.3%

The company has a current ratio of 0.38, a quick ratio of 0.28 and a debt-to-equity ratio of 2.32. The business has a fifty day simple moving average of $10.32 and a two-hundred day simple moving average of $9.04.

Hedge Funds Weigh In On Forafric Global

A number of large investors have recently added to or reduced their stakes in AFRI. PNC Financial Services Group Inc. grew its position in shares of Forafric Global by 2,854.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 6,263 shares of the company’s stock worth $49,000 after buying an additional 6,051 shares during the last quarter. Bank of America Corp DE boosted its stake in Forafric Global by 5.0% in the third quarter. Bank of America Corp DE now owns 24,285 shares of the company’s stock valued at $211,000 after acquiring an additional 1,156 shares in the last quarter. Sei Investments Co. boosted its stake in Forafric Global by 35.9% in the third quarter. Sei Investments Co. now owns 13,621 shares of the company’s stock valued at $118,000 after acquiring an additional 3,598 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Forafric Global by 210.9% during the third quarter. Russell Investments Group Ltd. now owns 42,059 shares of the company’s stock worth $365,000 after purchasing an additional 28,532 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position 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 worth $46,000 after purchasing an additional 1,432 shares in the last quarter. 5.49% of the stock is currently owned by institutional investors.

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.