Neptune Wellness Solutions (NASDAQ:NEPT) stock is rising higher on Friday following the release of its earnings report for the fiscal first quarter of 2024.
The earnings report has the supplements company posting losses per share of 30 cents. That’s wider the Wall Street’s estimated loss of 28 cents per share for the quarter. However, it’s a major improvement over the company’s per-share loss of 72 cents from the same period of the year prior.
Also included in that earnings report is revenue of $10.6 million. There’s no analyst data to compare to, but this is down from the $16.3 million reported by the company in its fiscal first quarter of 2023.
Neptune Wellness Solutions notes that its drop in revenue comes from the loss of $2.7 million in revenue from its cannabis business. That’s due to the company completely divesting this business. It also saw a $2.9 million drop in nutraceutical revenues due to the timing of orders.
NEPT Stock Movement on Friday
Following the release of this earnings report, shares of NEPT stock are seeing strong trading on Friday. As of this writing, more than 10.3 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 832,000 shares.
NEPT stock is up 72.4% as of Friday morning but is down 52.5% year-to-date as of yesterday’s close.
Investors seeking out even more of the most recent stock market news will want to stick around!
InvestorPlace is home to all of the latest stock market news traders need to know about on Friday! That includes a breakdown of the biggest pre-market stock movers this morning, the latest news concerning Tesla (NASDAQ:TSLA) stock, and more. You can catch up on all of this news at the following links!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- 5 Investors Betting Big on Tesla (TSLA) Stock in Q2
- MRNA Stock Alert: Why Is Moderna Up 7% Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risk.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
