Two of Wide Open Agriculture’s products have been driving its shares this month
The post The Wide Open Agriculture (ASX:WOA) share price gained 19% in a month appeared first on The Motley Fool Australia. –
June has been a busy month for Wide Open Agriculture Ltd (ASX: WOA) and its share price is reacting favourably. At the time of writing, the Wide Open Agriculture share price has gained 19% over the past 30 days to trade for 85 cents.
Since this time last month, the market has heard a plethora of price-sensitive news from the food and agriculture company. Let’s take a look.
The month that’s been for Wide Open Agriculture
This month, the company has released news about 2 of its key products. The company has made headwinds with its modified lupin protein and its OatUP oat milk product.
Modified lupin protein
On 27 May, Wide Open Agriculture announced its up-and-coming modified lupin protein had been made into several early-stage food and drink prototypes.
The company found its lupin protein can be used in food items such as noodles and mock meats. It also forms a gel-like constancy which the company believes would serve to make plant-based cheeses, yogurts, tofu, and mayonnaise. Additionally, it can be a soluble power, which the company plans to add to its OatUp product to create a new line of high-protein oat milk.
The company has already made protein balls from the technology. They are for sale on the company’s Dirty Clean Food website.
The news saw the Wide Open Agriculture share price finish the day 15% higher than its previous session.
The company announced on 17 June it will build a manufacturing facility in Western Australia to produce lupin protein-based food products.
Despite the good news, the company’s share price fell 6%.
The company announced on 9 July OatUP’s distribution was expanding after strong market uptake.
According to the company, OatUP is highly sought after by cafes, consumers, and retailers in Western Australia. It launched into South Australia as a result.
The company is also selling OatUP direct to consumers online, as well as planning to launch the product in South East Asia.
OatUp is the world’s first regenerative and carbon neutral oat milk.
The company’s shares gained 2% on the back of the announcement.
Finally, Wide Open Agriculture told the market OatUP will be distributed in Victoria and New South Wales. According to the company, the oat milk product will be stocked in The Market Grocer stores.
The Wide Open Agriculture share price gained 8% on the news.
Wide Open Agriculture share price snapshot
It hasn’t been a great year for the Wide Open Agriculture share price on the ASX – it’s fallen 4.5% year to date.
However, it has gained 107% since this time last year.
The company has a market capitalisation of around $78 million with approximately 107 million shares outstanding.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.