RiceBran Technologies (NASDAQ:RIBT) stock identified change of 193.69% away from 52-week low price and recently located move of -58.77% off 52-week high price. It has market worth of $52.07MM. RIBT stock has been recorded 30.87% away from 50 day moving average and -26.84% away from 200 day moving average. Moving closer, we can see that shares have been trading 18.37% off 20-day moving average.
On May 05, 2020, RiceBran Technologies (NASDAQ:RIBT) a global leader in the production and marketing of value-added products derived from rice bran and a producer of rice, rice co-products, and barley and oat products, reported the Company’s financial results for the quarter ended March 31, 2020.
The outbreak of COVID-19 in 2020 has driven strong demand for non-perishable consumer food staples like the rice, oat, and barley products that we offer. This combined with recent capital investments drove a significant acceleration in growth at Golden Ridge and MGI in the first quarter of 2020, said Brent Rystrom, President and Chief Executive Officer. We are pleased with how our business is operating in this environment, but we are also carefully managing through the challenges this crisis creates for our operations. With Golden Ridge now running at higher levels, we have also started production of stabilized rice bran at the mill, which should have increasingly positive impacts on our financial results as 2020 progresses. As a result, we are excited for the opportunity to drive substantial sales growth and EBITDA improvements for RiceBran Technologies in 2020 and beyond.
First Quarter 2020 Operational Highlights:
- Golden Ridge revenue up over 80% from 4Q19: Revenues from our Golden Ridge Rice Mill facility increased over 80% in the first quarter of 2020 from the December quarter benefiting from increased capacity due to the completion of our debottlenecking project, strong underlying demand, and positive trends in finished rice prices.
- MGI Grain revenue more than doubled from 4Q19: Revenues from MGI Grain more than doubled in the first quarter of 2020 from the December quarter buoyed by robust demand from an expanding customer base which led to increases in capacity utilization and was supported by improved execution.
- SG&A reduced on successful cost cutting initiatives: The successful implementation of cost cutting initiatives resulted in a significant reduction in SG&A both on a year-over-year basis and from fourth quarter of 2019 levels. Further reductions are likely as initiatives put in place in the first quarter become fully effective.
- Focused on maintaining a strong balance sheet: Capital resources and operating liquidity remain strong with over $5.5 million in cash on hand and a significant portion of our accounts receivable facility unused at the end of the first quarter of 2020.
The Consumer Defensive sector company, RiceBran Technologies noticed change of 2.17% to $1.41 along volume of 183670 shares in recent session compared to an average volume of 89.35K. The stock observed return of 19.49% in 5 days trading activity. The stock was at 27.60% over one month performance. RIBT’s shares are at 13.71% for the quarter and driving a -53.00% return over the course of the past year and is now at -4.08% since this point in 2018.
The average volatility for the week at 10.82% and for month was at 7.34%. There are 36.93M shares outstanding and 36.93M shares are floated in market. Right now the stock beta is 0.66.