The health and wellness sector has managed to attract plenty of interest from investors in recent years but the situation has not been particularly great with the stock of Neptune Wellness Solutions Inc (NASDAQ:NEPT).
Trading Data
On Monday, NEPT stock fell by 1.20% to $0.37 with more than 537k shares, compared to its average volume of 1.79 million shares. The stock has moved within a range of $0.3560 – 0.3730 after opening trade at $0.3658.
Neptune Wellness Extends Mood Ring Product Line with In-Demand Pre-rolls Launching in Ontario and Alberta
Yesterday, the stock suffered from a strong selloff yet again and went down by as much as 8% as a consequence. However, at the same time, it ought to be noted that the Neptune Wellness stock is down by as much as 28% over the course of the past month. Despite the fall in the stock yesterday, it should be noted that the company actually made a key announcement.
Yesterday, the company announced that it launched a new line of cannabis pre-roll products under the Mood Ring brand. The line of products had been launched in Ontario and Alberta. The announcement was a significant one from the company but it did not lead to much optimism among investors and the Neptune Wellness stock suffered from a strong selloff yesterday.
The Chief Executive Officer and President of the company, Michael Cammarata, noted that the pre-roll market is growing at a remarkable pace in Canada. He went on to add that Neptune Wellness was happy to have introduced its products in this fast growing space.
Key Quote
“The pre-roll market is booming in Canada, and we’re pleased to introduce this in-demand format to our popular Mood Ring product mix,” said Michael Cammarata, Chief Executive Officer and President of Neptune. “With sales up almost 200% year over year, pre-rolls have become a top three best-selling product category in Ontario as consumers increasingly seek them out for their accessibility and convenience.”
Technical Data
NEPT stock is below the 20-Day and 50-Day Moving averages of $0.43 and $0.50 respectively. Moreover, the stock is below the 200-Day moving average of $0.92.
