LCID - Why Is Hempacco (HPCO) Stock Up 35% Today?
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Hempacco (NASDAQ:HPCO) stock is taking off on Wednesday after announcing results for its first half of 2022.
According to a press release, Hempacco brought in revenue of $2.8 million for the six months ending June 30, 2022. The company notes that this is a massive 486% year-over-year increase in revenue.
Hempacco notes that there are a few reasons why its revenue saw such a dramatic jump in the first half of the year. That includes its plans to rapidly expand operations while also doing so in an efficient way.
To show that, the company pointed out its 93% sequential increase in revenue for Q2. It also saw gross margins jump from 18% to 25% during that time. Adding to this, the company reduced operating margins by 45% during that period.
Deals Also Helped out HPCO Stock
Hempacco has been working alongside several other celebrities to increase awareness of its products. Among these are hip-hop icon Rick Ross, Rap Snacks founder and CEO James Lindsay, as well as a joint venture with Cheech and Chong.
Hempacco also points to an agreement with HBI-Raw that helped out revenue. The deal with the leading smoking papers company started in Q4 2021. This saw it act as a key revenue driver in the first half of 2022. A perfect example is a $9.2 million purchase order that started in January.
All of this news has shares of HPCO stock seeing heavy trading today. As of this writing, more than 23 million shares of the stock have changed hands. This is a massive spike next to its daily average trading volume of 2.4 million shares.
HPCO stock is up 35.2% as of Wednesday afternoon.
There’s more recent stock market news worth checking out below!
InvestorPlace is home to all of the latest stock news worth diving into. Among that is what has shares of Lucid (NASDAQ:LCID), Moderna (NASDAQ:MRNA), and KnowBe4 (NASDAQ:KNBE) stock gaining today. You can find out all about these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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