Village Farms International came out with a statement regarding the recent rally in the company’s stock price and increased trading volumes. Shares closed 5.6% higher on Thursday and jumped more than 22% in one week.
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On the request of IIROC (Investment Industry Regulatory Organization of Canada), Village Farms (VFF) commented that, “it is not aware of any material, undisclosed information related to the Company that would account for the recent increase in the market price and level of trading volume of its common shares.”
Notably, IIROC, which is Canada’s self-regulatory organization, had to temporarily suspend trading activity of Village Farms on Dec. 24. However, trading was resumed after sometime. (See VFF stock analysis on TipRanks).
On Dec. 24, Raymond James analyst Rahul Sarugaser maintained a Buy rating and a price target of $20 (66.7% upside potential) on the stock. He sees “plenty of reasons” that the stock can outperform its peers. Sarugaser added that after the recent merger of Aphria and Tilray, he thinks that Village Farms is well-positioned “both as a potential acquirer and potential acquiree.”
Overall, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 3 Buys. The average price target stands at $14.40 and implies upside potential of about 20% to current levels. Shares have gained by 92.6% year-to-date.
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