Brazilian food processing firm BRF SA (NYSE:BRFS) has been one of the notable mover in the capital markets over the course of the past month and its stock has managed to deliver gains of as much as 12% during the period.
Trading Data
On Wednesday, BRFS stock fell 2.50% to $3.92 with more than 895K shares traded, compared to its average volume of 2.75 million shares. The stock has moved within a range of $3.9150 – 3.9900 after opening trading at $3.98.
Brazil’s BRF proposes $1.2 billion capital increase, market sees potential move by Marfrig
There has been no news about the company in recent days but in this situation it may be a good time for investors to consider taking a look at the news in relation to BRF from earlier on this month on December 17, 2021. The shares soared on that day after the company announced that it was going to go for a move to increase its capital through the issuance of as many as 325 million common shares.
It was noted that the through the issuance of those shares, BRF was going to be able to raise as much as 6.63 billion rials or $1.17 billion. This announcement from the company led to speculation with regards to the possibility of Marfig Global Foods SA acquiring more shares in order to turn from a minority shareholder to a majority one. It now remains to be seen if the BRF stock can continue to hold on to its momentum in the coming days.
Technical Data
BRFS stock is trading above the 50-Day and 200-Day Moving averages of $3.81 and $3.90 respectively. However, the stock is trading below the 20-Day moving average of $4.52. The stock is up 8% in the past month.
