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Green Thumb Industries Inc. (GTBIF) Soars 11.3%: Is Further Upside Left in the Stock?
Green Thumb Industries Inc. (GTBIF - Free Report) shares ended the last trading session 11.3% higher at $12.88. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 15.9% loss over the past four weeks.
Green Thumb Industries Inc. recorded a strong price increase after news surfaced that U.S. Vice President Kamala Harris has urged the Drug Enforcement Administration to immediately reschedule cannabis to a lower-risk category, indicating the U.S. government’s latest attempt to back the move. Per Harris, marijuana being considered as dangerous as heroin and more dangerous than fentanyl is patently unfair.
This company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +25%. Revenues are expected to be $269.8 million, up 8.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Green Thumb Industries Inc., the consensus EPS estimate for the quarter has been revised 15.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on GTBIF going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Green Thumb Industries Inc. belongs to the Zacks Medical - Products industry. Another stock from the same industry, Bio-Rad Laboratories (BIO - Free Report) , closed the last trading session 0.3% higher at $333.51. Over the past month, BIO has returned 1.1%.
For Bio-Rad, the consensus EPS estimate for the upcoming report has changed -22.6% over the past month to $2.09. This represents a change of -37.4% from what the company reported a year ago. Bio-Rad currently has a Zacks Rank of #4 (Sell).