On Monday the PlanetX Life Inc (OTCMKTS:PLTXF) stock emerged as one of the important movers in the market after the company announced that it generated revenues of C$4,089,705 for the 2022 fiscal first quarter.
Due to higher demand for the company’s plant based products, the revenues jumped considerably from the C$3,956,815 that it had brought in, in the year ago period. In light of the performance, investors piled on to the stock in a big way and the PlanetX stock ended the day with gains of as much as 34%. It is likely that the stock is going to come into focus today as well.
In addition to that, it is also necessary to note that during the quarter, PlanetX also managed to generate gross margins of as much as 28% and that reflected a big jump from the 23% in gross margins in the fourth fiscal quarter of 2021. Sean Dollinger, who is the Chief Executive Officer of the company, stated that PlanetX has continued invest in order to grow its business and also to meet the demand in the market for its products. At a time when plant based products are seeing heightened demand, the PlanetX stock could be one worth watching.