Arcadia Biosciences has now added 943% so far in March
Agricultural technology concern Arcadia Biosciences Inc (NASDAQ:RKDA) is expected to report its fourth-quarter earnings tomorrow after the stock market closes. RKDA has been buzzing in headlines since late last week when its wheat portfolio met key goals, and today, the stock has popped 11.4% to trade at $46.36 on news the company launched its GoodWheat brand.
Overall, RKDA stock has soared a whopping 943% in this month alone, and touched a two-year high of $66.56 on March 15. Against this backdrop, the security's 14-day Relative Strength Index (RSI) has climbed to a lofty 84.9, indicating the shares are deeply overbought ahead of earnings.
Analyst sentiment is light on Arcadia Biosciences stock, with the one brokerage following the biotech maintaining a tepid "hold" rating. Meanwhile, the company is expected to report a fourth-quarter loss of $2.00 per share, compared to its year-ago loss of $2.60 per share, according to the one analyst in coverage.
And despite the relative quiet among the brokerage bunch, short sellers have been actively targeting the stock, with short interest up 64% in the past two reporting periods. However, these bearish bets still only account for just 2% of the stock's total available float, and it would to take less than a day for shorts cover their bets, at RKDA's average daily trading volume.