On Thursday, Shares of RiceBran Technologies (NASDAQ:RIBT), gained 4.82% to $0.870. The 52-week range of the share price is from $0.82 – $0.87. The beta value for this stock stands at 0.85 points, while its earnings per share (EPS) was $-0.99. The company has total market capitalization of $9.05M and a total of 10.90M outstanding shares.
RiceBran Technologies (NASDAQ:RIBT and RIBTW), a global leader in the production and marketing of value added products derived from rice bran, recently declared that it will relocate its corporate headquarters from Scottsdale, Arizona to 2928 Ramco Street, Suite 120, West Sacramento, CA 95691 on April 3, 2017.
This corporate relocation is a decisive step toward the implementation of the Company’s formerly declared planned plan to lower costs, improve EBITDA and raise shareholder value. This move is projected to notably reduce costs by consolidating the Company’s primary corporate activities within an existing West Sacramento distribution facility located in the heart of California’s rice industry and allow the company to build new and stronger relationships with industry participants in the area, such as bran suppliers and ingredient customers. The Company also believes it will be better positioned to drive further product innovation by having greater access to the world class scientists and technologies at UC Davis. UC Davis provides a scientific resource that is widely recognized in the areas of rice agriculture and processing, food and beverage innovation, and animal nutrition research.
Dr. Robert Smith, CEO of RiceBran Technologies, commented, “The relocation of our corporate headquarters is a major step forward in the implementation of our planned plan to transform all aspects of our ingredient business to a world-class level. With our recent financing placing the Company on more solid financial footing, we are methodically moving forward with this business realignment while we step up our marketing efforts to generate scalable supply opportunities with large CPG companies. We are devoted to delivering on the strategy we outlined in the fourth quarter and seeing that effort lead to reduced operating costs, a better ability to service our customers, and the creation of more expansive revenue generating opportunities. We look forward to continuing on our mission to achieve sustainable, cash generating revenue growth for our Company in order to maximize the value of our food technology and high value products for the benefit of our shareholders.”
The average true range of the stock is recorded at 0.04 and the relative strength index of the stock stands 61.32. The stock price is going above to its 52-week low with +18.37% and down from its 52-week high with -60.27%.
The stock has shown weekly performance of 6.50% and monthly performance stands at 6.14%. The stock price is trading downbeat from its 200 days moving average with -27.52% and up from 50 days moving average with 0.51%.
Analyst recommendation for this stock stands at 2.00.