The Wide Open Agriculture (ASX:WOA) share price gained 19% in a month

Two of Wide Open Agriculture's products have been driving its shares this month

| More on:
Elders share price Farmer jumping for joy in field

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

sdf

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%.

OatUP

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.

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.

More on Consumer Staples & Discretionary Shares

A square ballot box with an envelope going in it sits on a blue keyboard key that says 'vote'.
Consumer Staples & Discretionary Shares

Own Star Entertainment shares? Last chance to vote on 'only lifeline' left for company

Independent expert says terms of Bally's takeover unfair but the 'only lifeline' left for Star Entertainment.

Read more »

A woman sits at her home computer with baby on her lap, and the winning ticket in her hand.
Consumer Staples & Discretionary Shares

How much upside does Macquarie expect for Lottery Corporation shares?

This ASX 200 stock has proven resilient through various economic conditions.

Read more »

A smiling man take a big bite out of a burrito
Consumer Staples & Discretionary Shares

Fundie says Guzman Y Gomez share price 'looks highly attractive'. Here's why

Blackwattle Investment says Guzman Y Gomez's current valuation and risk/reward profile looks very appealing.

Read more »

a bearded man with a big smile wearing a bright red apron holds a knife in one hand and a big slab of cheese in the other as though he is about to slice it.
Consumer Staples & Discretionary Shares

What's the upside for Bega shares according to Macquarie?

This broker sees room to grow for this Aussie consumer staples company. 

Read more »

I young woman takes a bite out of a burrito n the street outside a Mexican fast-food establishment.
Broker Notes

How much upside does Macquarie see for Collins Foods shares?

The company is scheduled to report on 24 June.

Read more »

A team in a corporate office shares a pizza while standing around a table chatting about the Domino's share price.
Broker Notes

JP Morgan upgrades Domino's Pizza shares

Does the broker expect things to turn around?

Read more »

A block of cheese with grated cheese on top.
Consumer Staples & Discretionary Shares

Macquarie expects 20% upside for this ASX All Ords consumer staples stock

This week, Macquarie initiated coverage on Bega Cheese with an outperform rating.

Read more »

Man with a hand on his head looks at a red stock market chart showing a falling share price.
Consumer Staples & Discretionary Shares

Why are Cettire shares crashing 27% today?

Things aren't looking good for this online luxury products retailer.

Read more »