RiceBran Technologies (NASDAQ:RIBT) Stock Falls After Earnings: Good Opportunity?
RiceBran Technologies (NASDAQ:RIBT) dropped 8% after announcing its Q1 financial results for the period ended March 31, 2021, in which revenue was$8.605 million. Executive chairman Peter Bradley said that the Q1 2021 financial results demonstrate its success in changing its focus to high value-addition ingredients. In addition, he said that the company has aligned with healthy living, and there is significant unmet potential for RiceBran’s products in a variety of applications. Bradley said that they are leaning in that opportunity with a reinvigorated sales team with plans to expand SRB and bring new products before the end of 2021.
The company had the highest quarterly revenue in three years thanks to 40% growth in SRB Sales and derivative sales plus Golden Ridge improvements. The performance drove a change to the company’s first positive gross profit in seven quarters. Following renewed focus, high-value addition SRB derivative sales grew 200% YoY in Q1 as RiceBran responded to demand from current and new customers. So in the coming months, RIBT is a stock to watch.
Market Reaction:
On Thursday, RIBT stock fell 3.75% at $1.03 with more than 318k shares, compared to its average volume of 4.26 million shares. The stock had moved within a range of $1.0100 – 1.0800 after opening the trade at $1.5. Over the past 52-week, the stock has been trading within a range of $0.3700 – 1.8300.
