Arcadia Biosciences Inc (NASDAQ:RKDA) Stock Moves Up 18% In a Week: Here is Why
Over the course of the past week, the Arcadia Biosciences Inc (NASDAQ:RKDA) stock has been in the middle of a strong rally and has managed to clock gains of as much as 18% during the period. While the gains were significant, it ought to be noted that there has been no news at all about the company over the course of the past week.
Market Stats
On Friday, RKDA stock went down 3.27% to $1.48 with 6.19 million shares, compared to its average volume of 2.10 million shares. The stock moved within a range of $1.3000 – 1.5999 after opening trading at $1.30.
Latest News
The last time that Arcadia Biosciences stock was in the news was actually back on February 2 this year when it appointed a new Chief Executive Officer. The company, which is involved in the development of plant based health and wellness items, announced that it had appointed Stan Jacot as its new Chief Executive Officer.
The appointment of a new CEO is always a major development for any company and the appointment of Jacot to the top post was a significant one for Arcadia. Jacot is regarded as one of the leading executives in the consumer goods space and it is now going to be interesting to see how he steers the company in the coming months. However, it is still unclear if the latest rally was triggered by the appointment. Investors could do well to keep an eye on the news in this regard.
Traders Corner
RKDA stock is trading above the 50-Day and 200-Day Moving averages of $1.14 and $1.03 respectively. However, the stock is trading below the 20-Day moving average of $1.87.
