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Record Backlog Heading into Q4, Ongoing Stock Repurchase Program, Increasing Institutional Ownership, and Impressive Year over Year Revenue and EPS Growth!
Urban-Gro, Inc. (NASDAQ: UGRO) an integrated professional services and design-build firm offering solutions to the Controlled EnvironmentAgriculture(“CEA”) and commercial sectors.
Turn-key approach to integrated plant-focused architecture and engineering services helping their clients achieve their goals of building and operating a profitable facility.
Urban-Gro gives their clients the economic advantage of the efficient interaction between plants, equipment, and the environment.
Ongoing Stock Repurchase Program (Stock Buyback)
Announced September 12th, 2022 – New stock repurchase program authorizing the repurchase of up to $2 million of its common stock. The new repurchase program succeeds its prior $8.5 million stock repurchase program that has since been completed.
Last Reported Shares Outstanding – 10.67M
Shares in the Public Float – 6.67M
Record Fourth Quarter 2022 Backlog of Approximately $87 million & Reaffirms Fourth Quarter 2022 Guidance (Note that the current Q4 backlog exceeds the entire 2021 annual revenue)
The Company expects to enter 2023 with record consolidated backlog of approximately $87 million, a sequential increase of approximately $20 million from third quarter 2022.
The Company is reaffirming its expectation for fourth quarter 2022 guidance, with revenue of approximately $17 million and Adjusted EBITDA of approximately ($1.5) million.
Urban-Gro Engineering, Inc.’s acquisition of substantially all of the assets of Dawson Van Orden, Inc. (“DVO”), a world-class Texas-based engineering firm with significant experience in indoor CEA, effective November 1, 2022.
Bradley Nattrass, Chairman and CEO of urban-gro, commented, “DVO provides several levers for growth, including cross-selling benefits, enhanced margin capture, and an expansion of our professional services offering. The added engineering depth is particularly valuable at a time when we are seeing strong demand for both our professional services, and our turnkey design-build offering. We look forward to DVO’s contributions as we work together to expand our CEA footprint.”
Urban-Gro paid a final purchase price of $6.1M after working capital adjustments, excluding $1.1 million of contingent consideration that may become payable in cash or equity at Company’s discretion, through a combination of $1.2 M in cash, $3.8 M of a seller’s note paid out over four quarters, and $1.1 M of UGRO common stock at a pre-set price of $4 per share, equivalent to 271,875 shares. DVO generated approximately $5.5 M of revenue and greater than 20% EBITDA margins in the trailing twelve-month period ended September 30, 2022.
Jason Dawson, formerly the President of DVO and now urban-gro’s Executive Vice President of Engineering commented, “urban-gro is an incredible company with a vision and trajectory that my partners and I wanted to join. My team – including mechanical, electrical, plumbing, and fire & safety engineers, as well as an industrial architecture team that was formerly at AECOM – are excited to continue to integrate into projects and be a part of a much larger team and company that is rapidly scaling to meet demand. As we have already been working on joint opportunities in both the CEA and Industrial sectors, I’m confident that we will assimilate quickly and be able to take advantage of the immense opportunities in front of us.”
Short Video About Urban-Gro Facility Design with Testimonials
Analyst Ratings, 4 of 4 Give Urban-Gro a Buy Rating
(NASDAQ: UGRO) is Currently $3.33/Share as of Friday’s Close.
According to the issued ratings of 4 analysts in the last year, the consensus rating for urban-gro stock is Buy based on the current 4 buy ratings for UGRO. The average twelve-month price prediction for Urban-Gro is $9.00 with a high price target of $12.00 and a low price target of $6.00/share. (Source Market Beat)
Bullish Chart Pattern
As indicated in the chart above UGRO recently crossed the 20 DMA in a bullish manner.
UGRO’s MACD Histogram Crosses Above Signal Line
The Moving Average Convergence Divergence (MACD) for UGRO turned positive on January 09, 2023. Looking at past instances where UGRO’s MACD turned positive, the stock continued to rise in 25 of 27 cases over the following month. The odds of a continued upward trend are 90%. (source tickeron)
We are looking for a break above the 50 DMA at $3.83/share for continuation.
This should give you a starting point for your due diligence.
We will have more on UGRO soon,
The Traders News Team
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