22nd Century Group Inc [NASDAQ: XXII] jumped around 2.08 points on Friday, while shares priced at $3.56 at the close of the session, up 140.54%. The company report on April 4, 2024 at 5:48 PM that 22nd Century Group (XXII) Signs Large New CMO Customer.
New Contract Will Commence in Second Quarter, Ultimately Boost CMO Volumes by More Than 20%.
Mocksville, North Carolina–(Newsfile Corp. – April 4, 2024) – 22nd Century Group, Inc. (NASDAQ: XXII), a tobacco products company focused on nicotine harm reduction, today announced that it has signed a significant new contract manufacturing agreement for the production of branded conventional cigarette products. The contract, which will commence revenue generation in the second quarter of 2024, is expected to increase carton production volumes at 22nd Century’s manufacturing facility by more than 20 percent when fully implemented.
Compared to the average trading volume of 98.03K shares, XXII reached a trading volume of 72212561 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about 22nd Century Group Inc [XXII]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for XXII shares is $53.28 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on XXII stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Alliance Global Partners have made an estimate for 22nd Century Group Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 21, 2022. While these analysts kept the previous recommendation, Craig Hallum raised their target price to Buy. The new note on the price target was released on June 15, 2022, representing the official price target for 22nd Century Group Inc stock. Previously, the target price had yet another raise to $6, while ROTH Capital analysts kept a Buy rating on XXII stock.
The Average True Range (ATR) for 22nd Century Group Inc is set at 0.44, with the Price to Sales ratio for XXII stock in the period of the last 12 months amounting to 0.18.
How has XXII stock performed recently?
22nd Century Group Inc [XXII] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 85.42. With this latest performance, XXII shares gained by 37.26% in over the last four-week period, additionally sinking by -69.36% over the last 6 months – not to mention a drop of -97.92% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for XXII stock in for the last two-week period is set at 70.77, with the RSI for the last a single of trading hit 76.21, and the three-weeks RSI is set at 65.04 for 22nd Century Group Inc [XXII]. The present Moving Average for the last 50 days of trading for this stock 2.35, while it was recorded at 2.14 for the last single week of trading, and 17.67 for the last 200 days.
22nd Century Group Inc [XXII]: Deeper insight into the fundamentals
22nd Century Group Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.48 and a Current Ratio set at 0.65.
Earnings analysis for 22nd Century Group Inc [XXII]
With the latest financial reports released by the company, 22nd Century Group Inc posted -19.2/share EPS, while the average EPS was predicted by analysts to be reported at -18/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -6.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for XXII.
Insider trade positions for 22nd Century Group Inc [XXII]
The top three institutional holders of XXII stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in XXII stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in XXII stock with ownership which is approximately 5.8386%.
