Globe says EnWave boosted to "outperform" Tuesday August 31 2021 - In the News
The Globe and Mail reports in its Tuesday, Aug. 31, edition that Raymond James analyst Steve Hansen has elevated EnWave (99 cents) to "outperform" from "market perform" following "standout" fiscal third quarter 2021 results. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Hansen notes that adjusted earnings before interest, taxes, depreciation and amortization "pushed back firmly into positive territory and offered clear evidence of the firm's accelerating turnaround in both divisions." EnWave licenses, builds, and installs commercial-scale dehydration platforms for applications in the food, and cannabis and pharmaceutical sectors. Separately, the company manufactures and sells a dried cheese snack called Moon Cheese through its wholly-owned subsidiary NutraDried. EnWave's fiscal third quarter revenue of $7.4-million was up 22.6 per cent from a year ago and beat the Street estimate of $6.1-million. The company also reported impressive sales and margin figures. The Globe reported on July 26 that iA Capital analyst Neil Linsdell saw EnWave rebuilding "quickly to profitability." He raised his rating to "buy" from "hold." The shares could then be had for 96 cents.
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