OrganiGram (NASDAQ:OGI) stock is heading higher on Tuesday after the marijuana company released its earnings for its fiscal third quarter of 2021.
The good news for OGI stock starts with the company revealing a net loss of C$4 million. That’s 98% narrower than the company’s net loss of C$89.87 million reported in the same period of the year prior.
In addition to that, the company’s revenue of C$20.32 million was another highlight for OGI stock. This is a 13% improvement over the company’s revenue of C$18.02 million from the same time last year. It’s also better than Wall Street’s estimate of C$17.2 million.
It’s also worth pointing out that things are looking good for OGI stock in the coming quarter. While OrganiGram doesn’t reveal specific estimates for fiscal Q4, it does say it expects a sequential revenue increase compared to fiscal Q3 2021.
Paolo De Luca, CSO of OrganiGram, said the following about the earnings boosting OGI stock up today.
“We are pleased with the growth in revenue in Q3 as we were better staffed to fulfill the demand for our revitalized product portfolio, which continues to resonate well with consumers. Sales are trending higher to date in Q4 supported by a strong outlook for the industry as the number of cannabis retail stores continues to grow and existing stores are permitted to re-open their doors to customers.”
OGI stock is also seeing heavy trading following its impressive earnings report. This has some 14 million shares traded as of this writing. For perspective, the company’s daily average trading volume is about 7.1 million shares.
OGI stock was up 10.2% as of Tuesday morning and is up 100.3% since the start of the year.
Investors looking for more stock market news this morning will want to keep reading.
InvestorPlace.com has all the latest stock market news for traders. For example, that includes the latest news that has SCWorx (NASDAQ:WORX), Clover Health (NASDAQ:CLOV), and Nokia (NYSE:NOK) shares on the move today. You can check out all of that at the links below!
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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.
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