Shares of hemp and alternative nicotine products provider Hempacco (NASDAQ:HPCO) are soaring today after the company’s top-line for the first half of 2022 surged by about 486% over the prior year to $2.8 million.
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The Co-founder and CEO of the company Sandro Piancone exuberated, “Revenue growth accelerated in the second quarter this year, up ~93% over our Q1 revenues, with gross operating margins increasing from 18% to 25%.”
Piancone added, “In addition, a strong focus on cost controls reduced our operating expenses by 45% in the same period, a key driver to our achieving breakeven EPS in Q2 this year.”
Additionally, the company’s collaboration with HBO-Raw remains on track with deliveries ongoing under the long-term order.
Will HPCO Stock Price Increase?
Analysts are yet to cover HPCO stock and despite today’s price gains, the company’s shares are down nearly 21% over the past month.
Further, our data dive indicates recent media coverage on Hempacco stock has been neutral with only one Bullish view. This indicates caution may be warranted about the stock despite cannabis names hogging the limelight owing to the recent move to pardon federal offenses related to simple marijuana possession in the U.S.
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