Exploring Arcadia Biosciences, Inc. (RKDA) Investor Profile: Who’s Buying and Why?

You're looking at Arcadia Biosciences, Inc. (RKDA) and asking the right question: why are institutional investors interested in a micro-cap stock with a market capitalization around $5.1 million? Honestly, the investment profile is a fascinating mix of operational wins and balance sheet noise. While the company posted a net income of $856,000 for the third quarter of 2025-a $2.5 million swing from the prior year's loss-that positive earnings per share (EPS) of $0.63 is offset by total revenues of just $1.3 million for the quarter, plus a cash balance that dipped to $1.1 million on the balance sheet. Still, the underlying product performance is defintely catching eyes; their Zola® brand saw year-to-date revenue growth of 26%, and gross profit margins have held above 30% for eleven straight quarters. So, who's buying and why? We see major players like Vanguard Group Inc. and Geode Capital Management, Llc holding positions, and new entrants like Drw Securities, Llc recently acquiring 10,032 shares, while others like Mariner, LLC reduced their stake by over 15%. That split action tells a story about risk appetite and belief in the long-term GoodWheat® and Zola® strategy versus near-term liquidity concerns. Let's map out the real drivers behind these moves.

Who Invests in Arcadia Biosciences, Inc. (RKDA) and Why?

The investor profile for Arcadia Biosciences, Inc. (RKDA) is distinctly bifurcated: it's dominated by a committed insider group and a small but active institutional base, with the remaining float being a playground for retail and short-term traders. The core attraction isn't dividends-there are none-but the potential for a massive re-rating based on its strategic pivot and the pending corporate combination.

If you're looking at RKDA, you're betting on a successful transformation from a pure-play agricultural technology company to a wellness-focused consumer packaged goods (CPG) entity, plus the outcome of its merger with Roosevelt Resources, LP. That's the entire story right now.

Key Investor Types: The Insider-Heavy Ownership Structure

Arcadia Biosciences, Inc. has an unusual ownership structure, which is the first thing you need to understand. The majority of the company is held by insiders-executives, directors, and strategic investment groups closely tied to the company-which is a strong signal of conviction, but also means the tradable public float is small and highly susceptible to price swings. For instance, major insiders like Terri C. Bishop own a significant number of shares, which were recently valued around $76.66 million.

Institutional ownership, which includes mutual funds and pension funds, is quite low for a NASDAQ-listed company, sitting at approximately 4.77% of the shares outstanding as of the latest filings in September 2025. This small pool of institutional money, valued at roughly $246,818, is concentrated in a few key players. Retail investors, the everyday traders, hold the remainder of the float, and their collective activity contributes significantly to the stock's volatility.

Investment Motivations: Growth and Corporate Action

Investors are attracted to Arcadia Biosciences, Inc. for two primary reasons: the tangible growth in its CPG business and the high-stakes corporate action currently underway. The company is not a dividend stock, so the focus is purely on capital appreciation.

The most compelling near-term driver is the performance of their wellness brand, Zola® coconut water. Zola revenues increased by a solid 26% during the first nine months of 2025 compared to the same period in 2024. This growth is paired with a focus on financial discipline, as the company has maintained gross margins above 30% for ten consecutive quarters and has eliminated $2 million in legacy liabilities year-to-date in 2025.

Also, the pending business combination with Roosevelt Resources, LP, an all-stock transaction, is a major catalyst. This kind of event can drastically change the company's valuation and business focus, which is a powerful magnet for speculative capital. You can dig into the financial health that supports this pivot in Breaking Down Arcadia Biosciences, Inc. (RKDA) Financial Health: Key Insights for Investors.

Investment Strategies: Volatility and Speculation

Given the low institutional float, the stock's trading behavior is characteristic of a highly volatile, small-cap growth play. The 52-week trading range, from a low of $2.53 to a high of $10.31 as of November 2025, tells you everything you need to know about the risk profile.

We see three main strategies at play:

• Long-Term Value/Growth Investing: This is primarily the insider and core institutional strategy, focusing on the successful execution of the CPG pivot, the sustained gross margins over 30%, and the ultimate value unlocked by the Roosevelt Resources merger.
• Short-Term Trading/Momentum: The stock's high volatility and low share price make it a magnet for day traders. The high short sale ratio, which was around 12.17% in mid-November 2025, also points to active short-selling and potential short-squeeze opportunities, which is defintely a high-risk, high-reward strategy.
• Event-Driven Arbitrage: Investors focused on the corporate action-the combination with Roosevelt Resources, LP-are buying based on the perceived value of the combined entity post-merger, trying to profit from the closing of the valuation gap.

Here's the quick math: the stock's price movements are amplified because a small amount of trading volume can move the price significantly due to the small public float. This is not a stock for the faint of heart.

Institutional Ownership and Major Shareholders of Arcadia Biosciences, Inc. (RKDA)

If you are looking at Arcadia Biosciences, Inc. (RKDA), the first thing to note is that institutional ownership is quite low, sitting at approximately 4.77% of the shares outstanding based on the most recent filings for the period ending September 30, 2025. This is a critical piece of information because it tells you the stock's price action is driven more by retail investors and company news than by the massive capital flows of major funds.

When institutional ownership is this low, the stock can be prone to higher volatility and larger swings on news, both good and bad. Still, the fact that a small but dedicated group of institutions is involved suggests a baseline level of professional interest in the company's long-term strategy, particularly around its GoodWheat and Zola coconut water products.

Who are the Top Institutional Investors in RKDA?

The largest institutional holders of Arcadia Biosciences, Inc. are primarily index fund managers and quantitative trading firms. These are the institutions that hold the most sway, even with a small overall percentage. As of September 30, 2025, the top four holders collectively owned over 51,000 shares, representing a substantial portion of the total institutional float.

Here's the quick math on the top shareholders, based on their 13F filings for Q3 2025:

Notice that Vanguard and State Street, both massive index fund managers, hold their positions steady, which is typical for passive funds that track the entire market. They're defintely not making a strategic bet on Arcadia Biosciences, Inc., but simply holding it as part of a broader index.

Recent Shifts: Institutional Buying and Selling

The real story isn't just who holds the stock, but how their conviction is changing. For the quarter ending September 30, 2025, there was notable activity, suggesting a divergence of opinion among the 17 institutional holders.

The overall picture shows more institutions increasing or initiating positions than those decreasing, which is a subtle positive signal. Specifically, there were 5 holders that increased their positions and 6 that held their positions steady. This stability is important.

• New Positions: Drw Securities, Llc and Citigroup Inc. initiated new stakes, totaling over 10,300 shares combined.
• Significant Decreases: UBS Group AG cut its position by a substantial 56.8% (1,445 shares), and Mariner, Llc reduced its stake by over 15% (2,236 shares).

The fact that new, active investors like DRW Securities are stepping in suggests they see near-term trading opportunities, even as some established holders like Mariner are trimming their exposure. This tells you the risk/reward profile is polarizing right now. For a deeper dive into the company's underlying fundamentals, you should check out Breaking Down Arcadia Biosciences, Inc. (RKDA) Financial Health: Key Insights for Investors.

The Impact of Institutional Activity on RKDA's Strategy

While the total institutional ownership is low, the influence of these large investors is still disproportionate. The total value of institutional holdings is small, at just over $235,000 as of September 30, 2025, but their actions can still move the needle. When a large institution like UBS Group AG liquidates over half its position, it can create temporary selling pressure that retail investors feel acutely.

More importantly, the involvement of major index funds like Vanguard and State Street provides a floor, ensuring a certain level of liquidity and stability. Their passive holding acts as a non-strategic anchor. The active buyers, however, are likely drawn to the company's recent operational improvements, such as the reported net income attributable to common stockholders of $856,000, or $0.63 per share, for the third quarter of 2025, which was a significant improvement over the prior year's net loss. This kind of financial turnaround is what attracts the attention of those looking for a value play or a growth inflection point.

Your action item here is to monitor the next round of 13F filings closely. If the number of institutional holders continues to climb, and the total shares held crosses the 10% threshold, it would signal a material shift in smart money sentiment toward Arcadia Biosciences, Inc.

Key Investors and Their Impact on Arcadia Biosciences, Inc. (RKDA)

You're looking at Arcadia Biosciences, Inc. (RKDA) and trying to figure out who the big players are and, more importantly, what their recent moves mean for your investment. The short answer is that the investor profile is shifting dramatically from a small-cap agricultural biotech play to one focused on a new energy venture, which is why institutional ownership is relatively low but highly focused on the pending merger.

As of late 2025, the institutional ownership percentage is modest, hovering around 4.33% to 6.57% of the stock. This isn't a stock dominated by massive mutual funds; it's a small-cap name where a few key fund managers can have outsized influence. The largest institutional holders include firms like Geode Capital Management LLC and State Street Global Advisors, Inc. Geode Capital Management LLC, for example, held approximately 13,001 shares as of September 29, 2025, representing about 0.95% of the company. State Street Global Advisors, Inc. held around 12,146 shares as of June 29, 2025, or about 0.89% ownership. These are passive, index-tracking funds for the most part, so their influence is less about activism and more about providing a baseline of stable demand. Small-cap stocks often see this pattern.

The real action, however, is not in the passive funds but in the strategic pivot that these investors are either betting on or exiting from. The entire investment thesis for Arcadia Biosciences, Inc. right now is tied to the pending business combination with Roosevelt Resources, LP, an all-stock transaction announced in late 2024. This is a strategic move to essentially transform the company into an exploration and production (E&P) and carbon capture utilization and storage (CCUS) entity. The vote on this transaction is the single most important decision for stockholders this year. If you want to understand the new direction, you should review the Mission Statement, Vision, & Core Values of Arcadia Biosciences, Inc. (RKDA) as the company pivots.

Here's the quick math on how the merger impacts existing holders:

• The exchange agreement was amended in May 2025.
• The new fixed equity share ratio is 90% for Roosevelt partners.
• Arcadia Biosciences, Inc. stockholders will own the remaining 10% of the combined entity.

This fixed ratio gives you a clear ownership stake post-merger, but it also signals a massive shift in control and future business focus. The investors who bought in 2025 are defintely buying a piece of the new energy company, not the Zola coconut water business.

Recent Investor Moves and Insider Confidence

The most telling recent moves come from the company's own leadership. While overall insider ownership is low-around 0.82% to 1.80%-there has been some minor open-market buying. CEO Thomas J. Schaefer and other insiders have purchased a total of 2,100 shares for a value of $4,627.00 over the last two years. The last reported insider trade was a purchase in February 2025. This shows a small, but positive, vote of confidence from the people closest to the business, which is a good sign when a company is undergoing such a massive strategic change. You want to see the management team putting their own capital on the line, even if the amounts are small.

The financial results for 2025 reflect the company's transition. For the nine months ended September 30, 2025, total revenues were $3.957 million, an increase of 3% year-over-year, driven by Zola coconut water sales. The net loss attributable to common stockholders for that period was ($1.003 million), a significant improvement from the prior year. The company's cash management has been tight, with the cash balance declining by only $257K to $1.1 million as of November 7, 2025. This tight cash position is likely what drove the strategic review and the eventual merger decision, meaning the investors who pushed for a change in strategy got their wish.

The institutional investors buying now are essentially making a pre-merger bet on the new entity's valuation. They are less focused on the current wellness product revenue and more on the potential of the Roosevelt Resources assets. The key risk, as noted by CEO Schaefer in November 2025, is the uncertainty regarding the timing of the merger due to external factors like a federal government shutdown. This kind of macro-risk is what can cause volatility, and savvy investors are watching the SEC filings closely for updates.

Here is a snapshot of the top institutional holders and their recent reported holdings:

Your next step should be to track the definitive proxy statement filed on November 19, 2025, which will contain the final details for the stockholder vote on the Roosevelt Resources merger.

Market Impact and Investor Sentiment

You're looking at Arcadia Biosciences, Inc. (RKDA) and seeing a company in the middle of a massive transformation, and honestly, the market sentiment is deeply conflicted. The direct takeaway is this: the dominant investor sentiment is currently Negative, driven almost entirely by the impending business combination with Roosevelt Resources, which fundamentally re-rates the company. But there's a quiet, positive counter-narrative coming from insiders and the underlying business performance.

The core issue is a radical ownership shift. The all-stock transaction with Roosevelt Resources, which is expected to close toward the end of summer 2025 (though timing is uncertain due to the November 2025 federal government shutdown), is set to give Roosevelt partners approximately 90% of the combined entity. This leaves current Arcadia Biosciences shareholders with only about 10%. This level of dilution is the primary reason for the skeptical sentiment among most public investors, despite the company's efforts to streamline operations and monetize legacy assets, like selling select patents for $750,000 and eliminating $1 million in liabilities in Q1 2025.

The Great Ownership Shift: Institutional vs. Insider Bets

The ownership structure shows a clear divergence in conviction. Institutional investors, who own about 17.73% of the stock, have been cautious, with no single institutional fund reporting 5% or greater beneficial ownership due to contractual caps on their warrants and preferred investment options. For example, major holders like Sabby, Armistice, and Altium are all contractually capped at a beneficial ownership of 4.99%.

In contrast, the insider sentiment is defintely more bullish. Over the last year, insiders have collectively made high-impact open-market purchases totaling $64.8K with $0 in sales, signaling a positive belief in the post-merger future, or at least the current valuation. The executive officers and directors, as a group, beneficially hold 8.2% of the outstanding common stock. This insider buying suggests they see value at the current price, even with the looming 90%/10% split.

• Institutional Ownership: 17.73%.
• Insider Ownership (Group): 8.2%.
• Insider Open-Market Purchases (Last Year): $64.8K.

Recent Market Reactions and Volatility

The stock market's response has been volatile and generally negative, especially as the merger timeline has stretched and financial risks materialized. The stock was trading at $3.60 on November 19, 2025, and has been in a short-term decline, falling -3.23% over the ten days leading up to that date. The 52-week high was $10.31, which shows just how much value has been stripped away by the strategic review and the subsequent merger announcement.

A major blow to the stock came in the second quarter of 2025 when the company reported a net loss attributable to common stockholders of $4.5 million, or $3.26 per share. Here's the quick math: this loss was primarily driven by a $4.5 million credit loss related to a note receivable from Above Food, which completely overshadowed the positive momentum from their core product. This is a classic example of a legacy financial risk torpedoing operational progress.

Analyst Perspectives: Realism vs. Operational Momentum

The Wall Street analyst consensus on Arcadia Biosciences, Inc. is a clear Sell rating. This harsh perspective is a dose of realism, largely reflecting the massive dilution inherent in the Roosevelt Resources transaction, which essentially transforms the company from an agricultural technology and wellness entity into an oil and gas/carbon capture business. Analysts are focused on the post-merger capital structure and the risk profile of the new entity.

What this estimate hides, however, is the strong operational performance of the existing business. The Zola® coconut water brand continues to thrive, with year-to-date revenues through Q3 2025 growing by 26% year-over-year. Plus, the company has maintained a gross margin exceeding 30% for eleven consecutive quarters. This is a solid foundation, but the analyst view is that the strategic pivot outweighs this operational success. If you want to dive deeper into the current health of the consumer business, you should read Breaking Down Arcadia Biosciences, Inc. (RKDA) Financial Health: Key Insights for Investors.

The bottom line for you as an investor is this: the market sees a high-risk, high-dilution pivot, which is why the stock is trading near its 52-week low. Your action needs to be based on your conviction in the new combined entity, Roosevelt Resources, not the old Arcadia. The old Arcadia is being sold for 10% of the future company.