U.S. Markets open in 8 hrs 52 mins

Why Did United Natural Foods (UNFI) Jump 40% Today?

Madeleine Johnson

On Wednesday, shares of food wholesaler United Natural Foods UNFI are soaring again, and were up around 40% in morning trading after it reported strong preliminary Q3 sales and profit numbers.

Combined with yesterday’s big move, UNFI has now doubled in just one week.

For Q3, revenue rose 12% to $6.67 billion, while earnings grew 54% year-over-year to $88 million, or $1.60 per share. Adjusted EPS came to $1.40 per share, also up significantly on a y-o-y basis. UNFI withdrew its prior outlook because of these strong preliminary numbers.

The company reports third-quarter results in early June, and said it would update its full-year 2020 guidance then.

Wells Fargo analysts also upgraded UNFI to equal weight from underweight and set the stock’s price target at $16 per share.

The Hottest Tech Mega-Trend of All

Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
United Natural Foods, Inc. (UNFI) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research