Ridley Corp is on the rise after the company reported its earnings for FY2021. For next year, it outlined a robust growth plan to expand its product offering, capacity, and lower costs.
It’s been a quiet week for traders ahead of the main event of this month – the Jackson Hole Economic Symposium. Yet, there are still a few stocks that quietly register massive gains, and Ridley Corp is one of them.
Keep reading if you want to know more about Ridley Corp, why it has surged 17.5% this week, and what’s next for this Aussie company.
How & Where to Buy Ridley Corp Stock Online
Ridley Corp (RIC) is a penny stock listed on the Australian Securities Exchange (ASX). To buy Ridley stock online, you need to register with an online broker. Here are our top choices right now:
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What Is Ridley Corp?
Ridley Corp is a stock feed producer based in Australia. It focuses on developing premium quality animal nutrition solutions.
Should I Buy Ridley Corp Today?
If you want to diversify your portfolio by adding penny stocks, Ridley may be a lucrative choice at a bargain price. The company performed well in 2021, registering an EBITDA increase of 16.1% and an after-tax profit of $24.8 million. Ridley has also resumed paying dividends this year after it stopped due to the after-tax loss of $10.8 million last year.
Ridley’s share price has been relatively unimpressive so far. However, investors now see this stock quickly gaining momentum thanks to its solid growth plan for 2022 and improved FY21 results. The company has recently signed new sale contracts that will generate approximately $2.6 million in revenues.
Next year, Ridley plans to launch new product lines, including pet food and prawn feed. Furthermore, Ridley intends to spend about $15 million to reduce its costs, improve capacity, and boost product offerings.
Ridley Corp Price Prediction 2021
The Aussie penny stock has a high estimate of $1.5 and a low estimate of $1.15. The current analyst consensus is a buy – however, keep in mind that penny stocks are more volatile than other assets.