Planet 13 Holdings
On June 5, Planet 13 Holdings (PLTH) (PLNHF) reported growth in its average customers per day and its average ticket in May. Last month, the company served an average of 2,095 customers per day—compared to 1,962 in April. There were 108,174 total visitors in May—compared to 96,659 total visitors in April. The average ticket was $90.63—1.1% growth from the average ticket size of $89.62 in April.
The company’s management reported that 71% of its visitors were from states other Nevada, while 15% were from outside of the US—the perfect platform to launch a national brand.
Despite the recent fall in Planet 13 Holdings’ stock price due to weakness in the broader equity market, the company has returned 79.2% YTD (year-to-date) as of June 4. The company has outperformed the broader comparative index, the Horizons Marijuana Life Sciences ETF (HMMJ). Planet 13 Holdings has outperformed MedMen Enterprises (MMNFF) (MMEN) and Curaleaf Holdings (CURLF) (CURA). HMMJ has returned 30.9% YTD, while MedMen and Curaleaf have returned -31.9% and 58.7%, respectively.
Among the three analysts that follow Planet 13 Holdings, one recommended a “strong buy,” while two recommended a “buy.” On average, analysts have a given Planet 13 Holdings a 12-month target price of 4.83 Canadian dollars, which implies an upside potential of 81.0% from its stock price of 2.67 Canadian dollars.
Analysts expect Planet 13 Holdings to post revenues of $74.57 million in 2019—252.3% growth from $21.2 million in 2018. Analysts expect the company to become profitable in 2019 by delivering profits of $2.7 million—compared to a loss of 10.7 million in 2018.