Yahoo Finance Strength Seen in Green Thumb Industries Inc. (GTBIF): Can Its 10.6% Jump Turn into More Strength?
Green Thumb Industries Inc. GTBIF shares soared 10.6% in the last trading session to close at $12.55. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 12.5% gain over the past four weeks.
Green Thumb Industries Inc. recorded a strong price increase after news surfaced that HHS Assistant Secretary for Health, Rachel Levine, while addressing a 252-page review, wrote that cannabis should become a Schedule III substance based on evaluations from FDA scientists. It is currently listed as a Schedule I drug, meaning it has no recognized medical uses. Also, anticipated better-than-expected fourth-quarter 2023 revenues with the latest Zacks Consensus Estimate showing significant upward revision for the metric compared to the year-ago reported number raise optimism about the stock. The company is expected to release its fourth-quarter earnings on Feb 27, 2024.
This company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $269.73 million, up 4% 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.
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 #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, High Tide Inc. HITI, closed the last trading session 1.7% lower at $1.77. Over the past month, HITI has returned 11.1%.
For High Tide Inc. , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. This represents a change of +50% from what the company reported a year ago. High Tide Inc. currently has a Zacks Rank of #3.
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