Forafric Global (NASDAQ:AFRI) Shares Up 0.2% – Still a Buy?

Forafric Global PLC (NASDAQ:AFRI)’s share price shot up 0.2% on Wednesday . The company traded as high as $9.95 and last traded at $9.84. 4,135 shares were traded during mid-day trading, a decline of 58% from the average session volume of 9,767 shares. The stock had previously closed at $9.82.

Analyst Ratings Changes

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

Forafric Global Price Performance

The company has a debt-to-equity ratio of 2.32, a current ratio of 0.38 and a quick ratio of 0.28. The firm has a 50-day moving average of $10.39 and a 200 day moving average of $9.43.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its stake in shares of Forafric Global by 5.0% in the 3rd quarter. Bank of America Corp DE now owns 24,285 shares of the company’s stock valued at $211,000 after purchasing an additional 1,156 shares during the period. JPMorgan Chase & Co. boosted its stake in Forafric Global by 36.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,345 shares of the company’s stock valued at $46,000 after buying an additional 1,432 shares in the last quarter. Mariner LLC grew its position in Forafric Global by 17.7% in the fourth quarter. Mariner LLC now owns 15,414 shares of the company’s stock valued at $170,000 after acquiring an additional 2,316 shares during the period. Goldman Sachs Group Inc. raised its stake in Forafric Global by 11.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 29,169 shares of the company’s stock worth $322,000 after acquiring an additional 3,103 shares in the last quarter. Finally, Sei Investments Co. raised its stake in Forafric Global by 35.9% during the third quarter. Sei Investments Co. now owns 13,621 shares of the company’s stock worth $118,000 after acquiring an additional 3,598 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.