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MARKETS LIVE BLOG:

STOCKS SLIDE AFTER META'S REALITY CHECK, WITH GDP ON DECK

Owner of Facebook and Instagram plans to spend up to US$10B on AI infrastructure investments

Green Thumb Industries Inc. (GTBIF) Soars 30.3%: Is Further Upside Left in the Stock?

Zacks Equity Research
·2 min read

Green Thumb Industries Inc. GTBIF shares rallied 30.3% in the last trading session to close at $13.15. 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 19.7% loss over the past four weeks.

The surge in share price of Green Thumb Industries is most likely on news of President Biden pardoning all prior federal offenses for simple marijuana possession, which led to rally in several cannabis-related stocks.

This company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $258.7 million, up 10.7% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For Green Thumb Industries Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. 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 #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Green Thumb Industries Inc. is a member of the Zacks Medical - Products industry. One other stock in the same industry, Medtronic (MDT), finished the last trading session 0.7% lower at $84.42. MDT has returned -2.4% over the past month.

Medtronic's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.28. Compared to the company's year-ago EPS, this represents a change of -3%. Medtronic currently boasts a Zacks Rank of #3 (Hold).


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Green Thumb Industries Inc. (GTBIF) : Free Stock Analysis Report
 
Medtronic PLC (MDT) : Free Stock Analysis Report
 
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Zacks Investment Research