Arcadia Biosciences (NASDAQ:RKDA) Issues Earnings Results, Misses Estimates By $0.49 EPS

Posted by James Conley on Aug 14th, 2024

Arcadia Biosciences (NASDAQ:RKDA – Get Free Report) released its quarterly earnings results on Tuesday. The basic materials company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.49), Yahoo Finance reports. The business had revenue of $1.31 million during the quarter, compared to analysts’ expectations of $0.95 million. Arcadia Biosciences had a negative net margin of 129.74% and a negative return on equity of 84.27%. During the same quarter last year, the company earned ($2.64) EPS.

Arcadia Biosciences Stock Down 11.7 %

Shares of RKDA stock traded down $0.35 during mid-day trading on Wednesday, reaching $2.64. The company’s stock had a trading volume of 9,535 shares, compared to its average volume of 20,578. Arcadia Biosciences has a 12-month low of $1.85 and a 12-month high of $4.79. The firm has a market capitalization of $3.59 million, a PE ratio of -0.51 and a beta of 0.86. The company’s 50 day simple moving average is $2.96 and its 200-day simple moving average is $2.64.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RKDA shares. Lake Street Capital raised shares of Arcadia Biosciences to a “strong-buy” rating in a research note on Tuesday, May 14th. HC Wainwright dropped their price target on shares of Arcadia Biosciences from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Finally, StockNews.com started coverage on shares of Arcadia Biosciences in a research note on Sunday. They set a “sell” rating for the company.

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About Arcadia Biosciences

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Arcadia Biosciences, Inc produces and markets plant-based food and beverage products in the United States. The company develops crop improvements primarily in wheat to enhance farm economics by improving the performance of crops in the field, as well as their value as food ingredients. Its food, beverage, and body case products include GoodWheat, Zola coconut water, ProVault topical pain relief, and SoulSpring.