Food on the move: A game of spot the difference

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

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

Aside from the date, spot the difference:

1. Tough week for listed FoodTech – by close of play on Friday 19 August 2022, companies with share prices down on the week outnumbered those with gains by more than three to one.  In all, 37 companies were nursing share price falls, while only 11 were celebrating rises.

2. Tough week for listed FoodTech – by close of play on Friday 26 August 2022, companies with share prices down on the week outnumbered those with gains by more than three to one.  In all, 35 companies were nursing share price falls, while only 11 were celebrating rises.

Answer: Two less fallers (35 as opposed to 37).   A case of as you were then for listed FoodTech – in other words another tough week.

Top of this week’s risers was Blue Apron (APRN). Shares in the meal kit company climbed 18% to US$5.74, building on last week’s 27.5% gain.  No company news out, apart from a press release announcing the expansion of its convenient meal options.  So perhaps The Motley Fool’s theory of a short squeeze has long legs - “It looks like a short squeeze may have been in play for the meal kit company this week.”

Next up, with a 15% gain, was Dada-JD Daojia (DADA). Shares in the Chinese delivery company finished the week at US$7.2.  Question is, was the market giving a thumbs up to the news that founder Kuai Jiaqi had stepped down as chairman and CEO or to the 55% surge in Q2 total net revenues to 2.3 billion yuan ($335.1 million)?

Shares in Agriforce Growing Systems (AGRI) also closed up 15% at US1.85.  The AgTech announced AgriFORCE GrowHouse, its “proprietary facility design” for growing plants, has received a patent from the Canadian Intellectual Property Office.

Worst performer of the week was Farmers Edge (FDGE). The shares closed down almost a third at US$0.62.  Word on the street is that analysts have been trimming their full year forecasts for the digital agriculture company.

Kalera (KAL) wasn’t too far behind – the shares were off 30% at US$1.82 after the vertical farmer reported a ten-fold increase in net losses for Q2 to US$78.7 million.  As well as a spike in expenses, there was a “a one-time non-cash expense for goodwill impairment of $64.3 million”.

Elsewhere Agrify (AGFY) was down another 26% at US$0.762, as analysts downgraded their numbers following disappointing Q2 results.  Same story for fellow cannabis solutions provider Urban-gro (UGRO) - the shares fell a further 14% to US$3.6.

Finally, not a good week for online food delivery firms.  DoorDash (DASH), Delivery Hero (DHER), Deliveroo (ROO), Just Eat Takeaway (TKWY) all registered hefty share price declines.  Fears consumers will have less to spend as the cost-of-living rises? Or was DoorDash’s (DASH) announcement that an "unauthorized party" had accessed the personal details of customers and drivers behind investors deciding to make a Dash for the Door?