Nutritional and functional ingredients manufacturing company RiceBran Technologies (NASDAQ:RIBT) was one of the companies that was in sharp focus among investors on Wednesday and its stock ended the day with gains of as much as 22%.
Trading Data
On Wednesday, RIBT stock surged 22.10% to $0.72 with more than 12.24 million shares, compared to its average volume of 2.21 million shares. The stock moved within a range of $0.5900 – 0.7292 after opening trade at $0.6403.
RiceBran Technologies Expands MGI Grain to Meet Increasing Demand
The company was in the news yesterday after it announced that it had managed to bring about considerable capacity expansion at the MGI Grain Incorporated plant that is situated at East Grand Forks in Minnesota. It was a major new announcement because the expansion of capacity is going to raise the capacity of the pearling mill by as much as 100%.
Due to that, it will be easier for the company to meet the soaring demand for grain-based products which are sourced from North America. In addition, the capacity expansion is going to be brought about through low capital investment and it will not lead to higher labor costs for RiceBran either.
The company has given the work related to the expansion to a contractor it trusts and in addition to that, the engineering team at RiceBran is going to be involved in the process as well. It may be a good move to consider adding the stock to your watch lists.
Key Quote
“These upgrades will allow RiceBran to finally leverage MGI’s true potential expanding volume and process flexibility while enhancing product quality,” said MGI business lead Kevin Pray. “This will allow us to double the capacity of the pearling mill within the same building footprint, giving us the ability to meet increasing customer demands while navigating a tight labor market, with only a modest capital investment.”
Technical Data
RIBT stock is trading above the 20-Day and 50-Day Moving averages of $0.54 and $5.50 respectively. Moreover, the stock is trading above the 20200Day moving average of $0.51.
