Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Sep 17, 2021 at 12:11 PM
Updated on Sep 17, 2021 at 12:14 PM
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Published on Sep 17, 2021 at 11:44 AM
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9 Cannabis Stocks Lighting Up The News Cycle

by Schaeffer's Digital Content Team

Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks and look ahead to how the cannabis industry continues to shape up in 2021.

Investor interest in the cannabis industry is growing at an explosive rate, and the leading players continue to break through legal barrier after legal barrier, especially in the United States. More than 40 U.S. states legalized recreational and/or medical marijuana by the end of 2020. Now, companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.

Here is a quick roundup of major (and action-worthy!) cannabis stock news from this week:

๐Ÿ’ป Akerna (NASDAQ:KERN) announced that the cannabis-focused enterprise company plans to acquire 365 Cannabis in a move to "become the most comprehensive cannabis ERP system offering a complete portfolio of tax, financials, reporting and compliance systems," according to Monday's press release. The acquisition is expected to cost KERN approximately $17 million.

๐Ÿ‹๏ธ After becoming the Official CBD Partner of the 2021 NOBULL CrossFit Games in July, cbdMD, Inc (NYSE:YCBD) announced four new CrossFit athlete ambassadors including Justin Medeiros, Annie Thorisdottir, Noah Ohlsen, and Brent Fikowski. According to the September 13 announcement, these ambassadors have a total reach of 3 million on Instagram and provides YCBD with significant access to the CrossFit worldwide network of gyms and members.

๐Ÿ”ฌ On September 13, InMed Pharmaceuticals (NASDAQ:INM) expanded its reach in the rare cannabinoids development space through the intent to definitively acquire privately-owned rare cannabinoid manufacturer, BayMedica. With this transaction, INM will officially become a revenue-generating company. According to InMed's president and CEO Eric Adams, "This is a transformative transaction for InMed. This acquisition gives us a breadth of synthetic cannabinoid manufacturing capabilities to deliver high quality, cost-effective rare cannabinoids for any segment of the market from consumer-packaged goods to prescription pharmaceuticals.”

๐Ÿ High Tide Inc.(NASDAQ:HITI) announced two white label partnerships on Monday with Heritage Cannabis Holdings and Loosh Inc. dba Loosh Brands. Through these partnerships, Heritage and Loosh will provide the manufacturing capabilities for HITI's "Cabana Cannabis Co." The products, including branded shatter and THC gummies, will be promptly distributed in Ontario, Manitoba, and Saskatchewan.

HITI also released Q3 of 2021 financial results after the market closed on Tuesday, featuring that its revenue had almost doubled year-over-year which reinforced the brand's recent acquisition blitz. According to Raj Grover, President and CEO of High Tide, "I’m proud of our team’s efforts this quarter which resulted in revenue increasing once again by 99 percent over last year and 18 percent sequentially, despite market disruptions due to pandemic related lockdowns and a very aggressive pricing strategy adopted by some value players."

๐Ÿ’จ On Tuesday, Canopy Growth Corporation (NASDAQ:CGC) announced the launch of its first-ever CBD vape, whisl, as well as it's largest ever national retail launch. The whisl product launch features three unique products to cater to customer needs throughout the day as needs and activities shift, including the desired effects of focus, calm, and winding down before bed. The whisl products will be available exclusively at 3,000+ Circle K convenience stores throughout the United States effective October 1.

๐Ÿ’ง On September 15, GrowGeneration Corp. (NYSE:GRWG) announced the grand opening of two brand new hydroponic garden centers in Los Angeles County. Wednesday's announcement also included a note that, with the opening of these two new stores in LA, GRWG will be positioned to cater to the highest concentration of commercial indoor cannabis growing operations in the state of California.
 

๐Ÿšš Flora Growth Corp. (NASDAQ:FLGC) announced on September 16 that FLGC has entered into a non-binding Letter of Intent with Robust Farms Inc. to facilitate the importing of Flora Growth's  premium cannabidiol derivative products to Panama. Thursday's announcement comes as a direct result of Panama legalizing the use of medicinal cannabis.

โœจ On Thursday, Sundial Growers Inc. (NASDAQ:SNDL) announced the launch of Caviar Cones under subsidiary brand, Top Leaf. The newest product innovation from SNDL expands on Sundials' preexisting notoriety for innovation of premium inhalables available in the Canadian cannabis market. Caviar Cones is the first product of its kind (infused products) to hit the Canadian cannabis market. According to Andrew Stordeur , President and CEO at Sundial, "In order to compete in this preferred segment of the cannabis industry, product quality is absolutely vital. Top Leaf's Caviar Cones is the first of many high quality, high THC and flavourful products developed to satisfy even the most experienced cannabis user."

๐ŸŒŽ HEXO Corp (NASDAQ:HEXO) announced on Thursday that the cannabis company had reached its previously-announced goal to become carbon neutral by September of 2021. HEXO has managed to achieve the offsetting of 100% of its 2020 operational carbon emissions in addition to the personal emissions of its 1,200 employees. According to HEXO's CEO and Co-founder, Sébastien St-Louis, "At the start of the summer, we pledged that HEXO would not only become carbon neutral, but that we would also offset the personal carbon emissions generated by every one of our employees. Today we are proud to say we have achieved our goal, setting a new standard in sustainability for our industry."
 
Published on Sep 17, 2021 at 10:31 AM
Updated on Sep 17, 2021 at 10:46 AM
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Published on Sep 17, 2021 at 10:45 AM
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Accolade Inc (NASDAQ:ACCD) is up 0.7% at $45.31 this morning, after Baird upgraded the healthcare technology name to "outperform" from "neutral." The analyst noted recent conversations with the firm's management, which have bolstered the brokerage's confidence in the company, adding that it has a track record of strong execution.

ACCD also announced yesterday it will release its fiscal second quarter of 2022 financial results after the close on Thursday, Oct. 7. Looking back at its last four earnings reports, the security has a mixed history of next-day returns, coming in higher after half of these sessions. Regardless of direction, the stock has averaged a next-day return of 5.8% over the last year. 

Circling back to analyst sentiment, the brokerage bunch has been incredibly optimistic. Heading into today, all eight analysts in coverage called ACCD a "buy" or better. Plus, the 12-month consensus price target of $61.90 is a 36.7% premium to current levels. 

The stock looks ready to bounce after its late August rally was rejected by the 80-day moving average. The 20-day moving average still looms as potential resistance, though ACCD is up 39.5% year-over-year. 

 

Published on Sep 17, 2021 at 10:31 AM
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Published on Sep 17, 2021 at 10:21 AM
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Published on Sep 17, 2021 at 10:00 AM
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Published on Sep 17, 2021 at 9:17 AM
Updated on Sep 17, 2021 at 9:37 AM
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Published on Sep 17, 2021 at 7:57 AM
Updated on Sep 17, 2021 at 8:06 AM
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Published on Sep 16, 2021 at 4:46 PM
Updated on Sep 17, 2021 at 8:05 AM
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Published on Sep 17, 2021 at 8:01 AM
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Published on Sep 17, 2021 at 8:00 AM
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Shares of blue-chip retailer Walmart Inc (NYSE:WMT) have had a volatile 2021, trading as low as $126.28 in March and eclipsing $150 by late August. All of this adds up to WMT remaining just above its year-to-date breakeven mark. However, in recent weeks the equity has pulled back from its Aug. 17, nine-month peak near $153, as well as to a trendline with historically bullish implications. A signal that also looks to be flashing is Walmart stock’s historic performance for the month of September –noteworthy considering September’s oft-bearish seasonality -- which could indicate that now is the perfect time to bet on the blue chip’s next leg higher.

Just ahead of the company’s earnings release, we suggested that with a 14-day Relative Strength Index (RSI) 73, WMT may be in store for a short-term pullback within the coming weeks. Sure enough, WMT is now down 2.5% in the last 30 days. But despite the lackluster price action, September could right the ship.

Specifically, White compiled a list of the 25 best-performing stocks this month, going back 10 years. In this time frame, WMT has seen eight positive one-month returns, with a median gain of 0.9%. That's good for being one of the only two Dow stocks on the list, bested by chip maker Intel (INTC), which boasts an impressive median return of 4.7% in September. A similar move from Walmart stock's Thursday close of $146.42 would put the equity just shy of $148 -- facing off with this month’s $149.65 peak.

bestofseptcotw

Even further, per White, WMT just came within one standard deviation of its 40-day moving average after a lengthy period above the trendline. A commendable 12 similar pullbacks have occurred in the past three years. One month after these signals, Walmart stock was higher 50% of the time, and averaged a return of 1% in that time period. From Thursday’s close, a similar move would put the also just shy of its September peak.

WMTchartw40MA

Keep an eye on Walmart’s options activity, which could lead to an unwinding of bearish bets. The stock's Schaeffer's put/call volume ratio (SOIR) sits higher than 96% of readings in its annual range. This means traders have rarely been more put-biased toward Walmart in the last 12 months. The good news for potential options buyers is Walmart stock premiums are attractively priced right now. This is according to the equity's Schaeffer's Volatility Index (SVI) of 14%, which stands in the low 6th percentile of readings from the past 12 months.

Subscribers to Chart of the Week received this commentary on Sunday, September 12.

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