NewAge Inc (NASDAQ:NBEV) Stock Rockets 38% On Short-Squeeze Buzz
There was no fresh news about the healthy and organic products firm NewAge Inc (NASDAQ:NBEV) on Monday but that did not stop investors from piling on to the stock in a big way nonetheless.
Market Stats
On Monday, NBEV stock surged 38% at $1.63 with more than 19.68 million shares, compared to its average volume of 978K shares. The stock has moved within a range of $1.1600 – 1.7400 after opening trading at $1.20.
Latest News
Amidst heavy action, the NewAge stock ended the day with gains of as much as 38% and in light of such considerable gains, it might be a good move for investors to take a closer look into it. Although there is no recent news, it might be a good idea for investors to look into the company’s third quarter results for 2021 that had been announced earlier on in the month on November 9.
NewAge managed to generate net revenues to the tune of as much as $100 million and that represented a year on year rise of 59% from the prior year period revenues of $63 million.
The company also managed to record a considerable rise in its gross profits year on year to $66 million. In the prior year period, the gross profits had been $37 million. Last but certainly not the least, the gross margin came in at 66.3% of the net revenues and marked an improvement on the 59.8% that had been generated in the prior year period.
Traders Corner
NBEV stock is trading above the 20-Day and 50-Day Moving averages of $1.43 and $1.45 respectively. However, the stock is trading below the 200-Day moving average of $2.14. The stock is up 22% in the past week.
