Forafric Global (NASDAQ:AFRI) Issues Quarterly Earnings Results

Forafric Global (NASDAQ:AFRI) announced its earnings results on Friday. The company reported ($0.04) earnings per share for the quarter, FiscalAI reports. The business had revenue of $44.57 million during the quarter.

Forafric Global Stock Performance

Shares of NASDAQ AFRI opened at $10.00 on Friday. The stock’s fifty day simple moving average is $9.78 and its 200 day simple moving average is $9.98. Forafric Global has a 52-week low of $7.47 and a 52-week high of $11.42.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Forafric Global in a research report on Friday, March 27th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Hedge Funds Weigh In On Forafric Global

A number of hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its holdings in shares of Forafric Global by 23.4% in the 4th quarter. Geode Capital Management LLC now owns 62,370 shares of the company’s stock worth $688,000 after acquiring an additional 11,815 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Forafric Global by 16.7% in the 4th quarter. Russell Investments Group Ltd. now owns 49,066 shares of the company’s stock worth $541,000 after acquiring an additional 7,007 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Forafric Global by 11.9% in the 4th 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 during the last quarter. Bank of America Corp DE grew its holdings 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 worth $211,000 after acquiring an additional 1,156 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of Forafric Global by 29.1% during the fourth quarter. Barclays PLC now owns 18,025 shares of the company’s stock valued at $199,000 after buying an additional 4,068 shares in the last quarter. 5.49% of the stock is currently owned by institutional investors and hedge funds.

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.