24/7 Market News Snapshot 10 October, 2024 – Blue Star Foods Corp. Common Stock (NASDAQ:BSFC)

October 10, 2024

DENVER, Colo., 10 October, 2024 (247marketnews.com) – (NASDAQ:BSFC) are discussed in this article.
Blue Star Foods Corp. (BSFC) has opened today’s trading session at $0.539, showcasing a remarkable bullish trend with a significant increase of 16.04%, currently priced at $0.615. The company has experienced a trading volume of approximately 5.01 million shares, underscoring heightened investor interest and momentum. This strong price action and volume indicate a prevailing bullish sentiment, which may attract further buying pressure. Key resistance levels are identified around $0.630 to $0.650; surpassing these could extend the upward trend, while support is anticipated at approximately $0.590. Overall, BSFC reflects a positive short-term outlook amidst growing market engagement.

In conjunction with its trading performance, Blue Star Foods Corp. has taken a strategic step forward by announcing a partnership through its subsidiary, Taste of BC Aquafarms, with Miracle Springs aimed at enhancing sustainable seafood production. This significant agreement will see Miracle Springs supply an initial 1,250 kilograms of fish, comprising 750 kg of fingerlings sized between 100-200 grams and an additional supply of 10,000 fingerlings at 50 grams. The collaboration is expected to notably shorten the growth cycle for various fish, achieving a reduction of 2 to 5 months, thereby facilitating scalable operations.

With a projected increase in production capacity to reach up to 200 tons of HOG Steelhead salmon by 2025 and 2026, this partnership is poised to generate estimated revenues of approximately CAD$2.315 million, based on the current market demand for sushi-grade fish. To support this expansion, enhancements to farm systems will focus on improving water quality and operational efficiency. By leveraging innovative Recirculating Aquaculture Systems (RAS), Blue Star Foods is committed to excelling in sustainable aquaculture, meeting the increasing consumer demand for premium seafood while adhering to environmental stewardship principles.

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