Arcadia Biosciences (RKDA) is back in the news, this time with second quarter numbers that are propelling the company’s stock to new heights.
A press release August 14 shows the agricultural company’s progress in terms of enhanced operations and impressive profits.
In the first part of this year, Arcadia scaled up production of some wheat varieties and launched a project called Archipelago Ventures aimed at enhancing extraction and other operational processes.
As for concrete numbers, revenues exceeded $203,000 in the second quarter of 2019.
Net income was $4.2 million or $0.84 per share.
On that news, RKDA is up 19% in pre-market trading this morning to nearly $8.50 from a previous close of $7.05.
This builds on an enormous spike August 8 where the stock rose from around two dollars to over $6.50 and then up to nearly $7.00.
The new values as of this morning put Arcadia at year-long highs, which is exciting for fans of the company’s wheat, soy and agricultural products and innovations.
“We made major progress on several fronts in the second quarter with our wheat, soybean and hemp initiatives,” said Raj Ketkar, president and CEO of Arcadia. “Most notably, we recently launched (ArchipelagoTM Ventures), … which harnesses the islands’ unique geographic and climate advantages for growing hemp year-round, gives us access to world class extraction facilities and provides a channel to key international markets for hemp and CBD. Our focus for the rest of 2019 will be on continuing this momentum to achieve first revenues in wheat and hemp by the end of the year, positioning us to significantly scale revenues in 2020.”
Keep an eye on this mover as the day unfolds