AMMO, Inc. (POWW) Reports Another Beat Driving Estimates Higher - Roth Capital
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Roth Capital analyst Matt Koranda reiterated a Buy rating and $11.00 price target on AMMO, Inc. (NASDAQ: POWW) after the company reported Revenue/adj EBITDA/EPS of $61.0mn/$24.0mn/$0.12 vs. consensus $55.0mn/$19.4mn/$0.11. Loaded ammunition sales of $40.2mn (+360% YoY) were ahead of expectations. Casing sales of $4.0mn (+23% YoY) were inline with ROTHe for $4.0mn. Gunbroker delivered $16.8mn in revenue, also inline with ROTHe of $17.0mn. We believe the $16.8mn in revenue implies ~$373mn of quarterly GMV on the marketplace, assuming a constant 4.5% take rate.
The analyst stated "Gunbroker continues to provide a high-margin source of revenue, enabling the adj EBITDA beat vs. ROTHe/consensus. A higher revenue/adj EBITDA outlook ($250mn/$80mn vs. prior $210mn/$70mn) appears to signal management's confidence in a sustained strong demand environment for the rest of F2022. This also sends our forecast higher, and as a result, we reiterate our Buy-rating and $11 PT."
Shares of AMMO, Inc. closed at $7.28 yesterday.
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