The week did not start on a positive note for Arcadia Biosciences Inc (NASDAQ:RKDA) shareholders as the stock suffered from a selloff and ended up clocking losses of as much as 4% for the day. In this context, it may be a good idea for investors to consider taking a look at a key development from December 20, 2021.
Trading Data
On Monday, RKDA stock ended down by 3.77% to $1.02 with more than 406k shares, compared to its average volume of 334k shares. The stock has moved within a range of $1.0100 – 1.0700 after opening trade at $1.05.
Latest News
At the time, the company announced that the Chairman of its Board of Directors, Kevin Comcowich had been appointed as the chief executive officer on an interim basis. However, in this context, it is perhaps also necessary to keep in mind that the appointment is going to be effective from January 1, 2022.
In the meantime, the company’s board is going to be working on finding a permanent replacement. Earlier on in the year on September 7, 2021, the company had announced that it has started a search for a new CEO across the nation.
It should also be kept in mind that the new CEO is going to be hired at a time when Arcadia is looking to further expand its move into the consumer packaged goods sector. At this point, it will be interesting to see if the stock slides further or makes a turnaround.
Technical Data
RKDA stock is trading below the 20-Day and 50-Day Moving averages of $1.19 and $1.59 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.29. The stock is down 28% in the past month.
