Food on the move

By Frank Buhagiar on Monday 11 July 2022

Food on the move
Image source: Food on the move
CommentaryFoodTech Investment

FFF’s weekly roundup of listed AgTech’s movers & shakers

Good week for listed AgTech – by close of play on Friday 8 July positive share price movers outnumbered the negatives by a ratio of almost three to one.  In all, 34 companies registered share price gains compared to the 13 that ended the week lower.

Standout performer with a 132% share price increase was Waitr Holdings (NAS: WTRH) after the online ordering platform announced not one but two retail delivery partnerships.  The agreements with Burq and Elite EXTRA form part of Waitr’s plans to broaden out its food delivery model to one that delivers anything.  The market gave the news a big thumbs up with the shares closing the week at US$0.35.

Mention in despatches also goes to Missfresh (NAS: MF) after its shares leapt 50% to US$0.414.  Still some way to go, however, before the Chinese fresh-food retailer’s share price recovers all the ground it has lost this year – rewind to 1 January 2022 and the shares were trading at US$5.01 per share.

Other strong performers include Kalera (KAL), the shares of which were up 43% to US$5.15.  The vertical farming company announced it is looking to raise approximately US$10.0 million from an institutional investor.

Elsewhere, zero sugar drinks co. Zevia (NYS: ZVIA) soared by a third to US$3.52; controlled environment agriculture companies Local Bounti (NYS: LOCL) and AppHarvest (NAS: APPH) weren’t far behind with gains of 32% and 28% respectively; while food techie Benson Hill (NYS: BHIL) was up a quarter at US$3.33.

As for the fallers, this week’s wooden spoon goes to CubicFarm Systems (TSE: CUB).  Shares closed the week 24% lower at US$0.41 after the indoor farmer raised approximately C$10 million at US$0.55 per share.  Finally, Farmers Edge (TSE: FDGE) was off 20% at C$1.53 - shares in the digital agriculture company have been on the slide ever since its President stepped down last month.

Tune in next Monday to see who this week’s movers and shakers will be…