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GrowGeneration (GRWG) Surges 8.1%: Is This an Indication of Further Gains?
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GrowGeneration (GRWG - Free Report) shares rallied 8.1% in the last trading session to close at $10.07. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20.9% gain over the past four weeks.
GrowGeneration shares gained based on a report that the U.S. House of Representatives plans to vote on the Marijuana Opportunity, Reinvestment and Expungement (“MORE”) Act. The legislation would remove cannabis from the list of federally controlled substances. If passed, the bill would be sent to the Senate for approval and then to President Joe Biden for his signature.
Marijuana is currently legalized for recreational use in 18 states in the United States and is legalized for medical use in 38 states. The recreational legalization of the drug at the federal level is expected to more than double the geographical target market for marijuana growers, refiners and distributors.
This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of -190%. Revenues are expected to be $89.1 million, down 1% 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 GrowGeneration, the consensus EPS estimate for the quarter has been revised 2025% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GRWG going forward to see if this recent jump can turn into more strength down the road.
GrowGeneration is a member of the Zacks Agriculture - Products industry. One other stock in the same industry, Bunge (BG - Free Report) , finished the last trading session 1.8% higher at $113.99. BG has returned 12.3% over the past month.
For Bunge, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.75. This represents a change of -12.1% from what the company reported a year ago. Bunge currently has a Zacks Rank of #3 (Hold).
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GrowGeneration (GRWG) Surges 8.1%: Is This an Indication of Further Gains?
GrowGeneration (GRWG - Free Report) shares rallied 8.1% in the last trading session to close at $10.07. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20.9% gain over the past four weeks.
GrowGeneration shares gained based on a report that the U.S. House of Representatives plans to vote on the Marijuana Opportunity, Reinvestment and Expungement (“MORE”) Act. The legislation would remove cannabis from the list of federally controlled substances. If passed, the bill would be sent to the Senate for approval and then to President Joe Biden for his signature.
Marijuana is currently legalized for recreational use in 18 states in the United States and is legalized for medical use in 38 states. The recreational legalization of the drug at the federal level is expected to more than double the geographical target market for marijuana growers, refiners and distributors.
This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of -190%. Revenues are expected to be $89.1 million, down 1% 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 GrowGeneration, the consensus EPS estimate for the quarter has been revised 2025% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GRWG 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 >>>>
GrowGeneration is a member of the Zacks Agriculture - Products industry. One other stock in the same industry, Bunge (BG - Free Report) , finished the last trading session 1.8% higher at $113.99. BG has returned 12.3% over the past month.
For Bunge, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.75. This represents a change of -12.1% from what the company reported a year ago. Bunge currently has a Zacks Rank of #3 (Hold).