The Very Good Food Company Inc. [NASDAQ: VGFC] price surged by 0.72 percent to reach at $0.0. The company report on November 30, 2022 that THE VERY GOOD FOOD COMPANY RECEIVES RESERVATION OF RIGHTS FROM LENDER IN RESPECT OF FINANCIAL COVENANT DEFAULT.
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The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY.V) (FSE: OSI) (“VERY GOOD” or the “Company”) today announced that it has determined that it is not in compliance with the cash coverage ratio financial covenant of not less than 2.50:1:00, as required pursuant to the terms of its loan agreement (the “Loan Agreement”) with Waygar Capital Inc. (“Waygar”), which occurrence constitutes an event of default under the Loan Agreement (the “Default”).
Waygar has subsequently issued a reservation of rights letter to the Company, notifying the Company that it does not intend to take any action in respect of the Default at this time, without waiving any of its legal rights under the Loan Agreement.
A sum of 11799892 shares traded at recent session while its average daily volume was at 6.00M shares. The Very Good Food Company Inc. shares reached a high of $0.0755 and dropped to a low of $0.0671 until finishing in the latest session at $0.07.
Guru’s Opinion on The Very Good Food Company Inc. [VGFC]:
The Average True Range (ATR) for The Very Good Food Company Inc. is set at 0.02, with the Price to Sales ratio for VGFC stock in the period of the last 12 months amounting to 0.97. The Price to Book ratio for the last quarter was 0.61.
VGFC Stock Performance Analysis:
The Very Good Food Company Inc. [VGFC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.89. With this latest performance, VGFC shares dropped by -9.64% in over the last four-week period, additionally sinking by -74.43% over the last 6 months – not to mention a drop of -91.69% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for VGFC stock in for the last two-week period is set at 39.99, with the RSI for the last a single of trading hit 37.43, and the three-weeks RSI is set at 40.80 for The Very Good Food Company Inc. [VGFC]. The present Moving Average for the last 50 days of trading for this stock 0.0934, while it was recorded at 0.0699 for the last single week of trading, and 0.2227 for the last 200 days.
Insight into The Very Good Food Company Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and The Very Good Food Company Inc. [VGFC] shares currently have an operating margin of -452.44 and a Gross Margin at -84.55. The Very Good Food Company Inc.’s Net Margin is presently recorded at -445.07.
Return on Equity for this stock declined to -160.90, with Return on Assets sitting at -96.12.
The Very Good Food Company Inc. [VGFC] Insider Position Details
There are presently around $1 million, or 14.40% of VGFC stock, in the hands of institutional investors. The top three institutional holders of VGFC stocks are: ARMISTICE CAPITAL, LLC with ownership of 13,100,000, which is approximately 0% of the company’s market cap and around 27.48% of the total institutional ownership; TWO SIGMA SECURITIES, LLC, holding 190,003 shares of the stock with an approximate value of $13000.0 in VGFC stocks shares; and VIRTU FINANCIAL LLC, currently with $12000.0 in VGFC stock with ownership of nearly -42.661% of the company’s market capitalization.
7 institutional holders increased their position in The Very Good Food Company Inc. [NASDAQ:VGFC] by around 370,539 shares. Additionally, 11 investors decreased positions by around 264,762 shares, while 17 investors held positions by with 13,310,845 shares. The mentioned changes placed institutional holdings at 13,946,146 shares, according to the latest SEC report filing. VGFC stock had 4 new institutional investments in for a total of 223,696 shares, while 8 institutional investors sold positions of 135,776 shares during the same period.