Notwithstanding the broader downturn in both global markets and the plant-based sector, PlantX (CSE: VEGA) has been steadily tracking gains over recent weeks that leave the stock +100% over the past month as of 10:30AM Monday June 13th. Both today and Friday VEGA volume was >1M, i.e. an order of magnitude above its avg 3mo volume. From what I can see, two major catalysts may be behind this dramatic jump in SP:
-Last week the Future Markets Research Tank released an equity research report that focused in on PlantX in a broader comparison with its sectoral peers. The day following the release saw a significant jump in volume, indicating that the equity research may have exerted a strongly bullish influence on retail and institutional plant-based investor alike, in particular as liquidity contracts and investors are searching for safer plays to hedge risk to the extent possible in today's bear market.
-Today PlantX released revenue metrics for last month which are overwhelmingly positive. In May the company generated $1.5M CAD in revenue. Quoting directly from the PR, "PlantX's gross revenue for May 2022 increased by $823,842 compared to May 2021, when the Company achieved gross revenue of $717,944 net of wholesale revenue, representing year-over-year gross revenue growth of approximately 115%." Not too shabby, especially given the contraction of consumer spending power amidst sky-high inflation and worsening macro-economic conditions.
We'll see how global markets perform this week and what VEGA's trajectory forward will look like, but its safe to say that PlantX has been leading the sector in recent weeks in terms of price action gains and emerging profitibility. MACD poked its head across the x-axis today for a bullish breakthrough, and I personally am feeling optimistic.
-Last week the Future Markets Research Tank released an equity research report that focused in on PlantX in a broader comparison with its sectoral peers. The day following the release saw a significant jump in volume, indicating that the equity research may have exerted a strongly bullish influence on retail and institutional plant-based investor alike, in particular as liquidity contracts and investors are searching for safer plays to hedge risk to the extent possible in today's bear market.
-Today PlantX released revenue metrics for last month which are overwhelmingly positive. In May the company generated $1.5M CAD in revenue. Quoting directly from the PR, "PlantX's gross revenue for May 2022 increased by $823,842 compared to May 2021, when the Company achieved gross revenue of $717,944 net of wholesale revenue, representing year-over-year gross revenue growth of approximately 115%." Not too shabby, especially given the contraction of consumer spending power amidst sky-high inflation and worsening macro-economic conditions.
We'll see how global markets perform this week and what VEGA's trajectory forward will look like, but its safe to say that PlantX has been leading the sector in recent weeks in terms of price action gains and emerging profitibility. MACD poked its head across the x-axis today for a bullish breakthrough, and I personally am feeling optimistic.