Why 23andMe Stock Jumped Higher on Monday
Shares of genetic data healthcare company 23andMe (NASDAQ: ME) jumped higher on Monday morning, as did many other beaten-down stocks. By noon ET, 23andMe stock was up 16% and trading volume was nearly double its average, even though there were still four hours left in the trading day. It seems the market is willing to take a bet on this stock before the company reports financial results today after the market closes.
23andMe is scheduled to report financial results for the first quarter of its fiscal 2023 today after the market closes, followed by a conference call at 4:30 p.m. ET. The stock has plummeted so far in 2022, in part due to weak guidance for fiscal 2023.
For fiscal 2023, 23andMe is guiding for revenue of $260 million to $280 million. For perspective, it generated $272 million in fiscal 2022. Therefore, this guidance implies flat revenue growth. And this guidance was far below the $317 million it guided for when it went public, and also below analyst expectations of about $340 million.
Source Fool.com
