Cannabis stocks may have made a bit of a comeback this year but on Thursday the Harvest One Cannabis Inc (OTCMKTS:HRVOF) stock ended up as a bit of a laggard.
On Thursday, HRVOF stock decreased 6.33% at $0.0562 with more than 78.67K shares, compared to its average volume of 56.21K shares. The stock has moved within a range of $0.0562 – 0.0600 after opening the trade at $0.0598.
Reports Positive Q4 2021 and Year End Financial Results
Yesterday, the stock was in the news after it announced its financial results for the fourth fiscal quarter and the full year, both of which had ended on June 30, 2021. However, the number did not seem to have impressed investors, and the stock tanked by as much as 7% as a consequence. Harvest One managed to record revenues of as much as $7.96 million in the fiscal year 2021 and that proved to be a higher figure than the $7.78 million in revenues that it had generated in the previous year.
The revenues went up by 2.2% and that was primarily driven by the sales performance of its product LivRelief, which emerged as a best seller. On the other hand, the gross profits for the fiscal year stood at $1.91 million and that reflected a year on year rise of as much as 24% from the gross profit of $0.72 million in the prior year period. It will now be interesting to see if the Harvest One stock can make a recovery today.
Our year-end financial results clearly illustrate that the Company is continuing to increase its revenues and significantly reduce operating and overhead expenditures to achieve profitability,” said Gord Davey, President and Chief Executive Officer of Harvest One.
HRVOF stock is trading below the 20-Day and 50-Day Moving averages of $0.0606 and $0.0655 respectively. Moreover, the stock is trading below 200-Day moving average of $0.0868. The stock is down 29% in the past 3-month.