Select Harvests (ASX:SHV) share price hits new 52-week high

The almond grower's shares are on the move today. We take a closer look

| More on:
Woman holding almonds and pointing up

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

The Select Harvests Limited (ASX: SHV) share price is on the rise today, setting a new 52-week high.

With no recent news released to the ASX, investors are clearly enthusiastic about Select Harvests.

During midday market trade, the almond grower's shares reached a 12-month high of $6.92. However, following the strong rise, investors decided to take some profit off the table which led its shares slightly lower.

At the time of writing, Select Harvests shares are up 6.24% to $6.64.

What's driving these gains?

A possible catalyst for the recent surge in the Select Harvests share price could be two broker updates.

After reporting its first-half results for 2021 in late May, investment firms Citi and Wilsons rated the company as buys.

First up, global investment bank Citi raised its 12-month price target for Select Harvests by 4.6% to $6.80. And following suit, advisory group Wilsons lifted its rating by 4.1% to $6.95.

This came despite the company reporting a mixed half-year result which saw net profit after tax (NPAT) fall to $1.3 million. When compared to the previous corresponding period, this is a drop of 92.5%.

However, not all was bad, with Select Harvests highlighting its almond crop grew to 28,250 million tonnes in the period. This reflects an increase of 21.5% over H1 FY20. The company noted global demand for almonds remains strong.

About the Select Harvests share price

While Select Harvests shares have soared higher since the start of the month, it hasn't been all smooth sailing. The company's share price hit a multi-year low of $4.91 in January this year, before a gradual uptick.

Based on today's price, Select Harvests has a market capitalisation of around $803 million, with approximately 120 million shares outstanding.

Motley Fool contributor Aaron Teboneras 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

Couple look at a bottle of wine while trying to decide what to buy.
Consumer Staples & Discretionary Shares

Is Treasury Wine ripe for a turnaround?

With China’s door once again open for Australian wine importers, Treasury Wine’s fortunes are improving.

Read more »

Woman on the phone at a hardware store.
Broker Notes

Up 21% this year, how much further upside does Macquarie tip for Metcash shares?

Metcash shares tick many boxes for investors.

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Consumer Staples & Discretionary Shares

Guess which ASX 200 stock is rocketing 26% on better than expected results

The KFC operator has delivered on expectations with its FY 2025 results.

Read more »

Friend enjoying a meal at a restaurant, symbolising passive income.
Consumer Staples & Discretionary Shares

Treasury Wine shares jump 6% on investor update and share buyback news

Let's see how investors are reacting to this big news on Tuesday.

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Consumer Staples & Discretionary Shares

Guess which ASX 300 stock is crashing 32% on big news today

Why are investors hitting the sell button today? Let's dig deeper into things.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Earnings Results

Which ASX 200 stock is up 5% to a 52-week high on results day?

This blue chip is having a strong start to the week. Let's find out why.

Read more »

Woman smiles at camera at she buys greens from the supermarket.
Consumer Staples & Discretionary Shares

Is the Woolworths share price a buy? Here's my view

The supermarket giant has a defensive earnings profile.

Read more »

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 »