Neptune Wellness Solutions Stock Spikes 125% On Walmart Update: What's Going On?

Neptune Wellness Solutions Inc NEPT shares are trading higher Thursday after the company said its sales have outperformed Walmart Inc's WMT expectations.

In February, Neptune Wellness announced that it would be rolling out a co-branded Sprout Organics product line in Walmart.

Neptune Wellness' products became available on Walmart's website in early March and in close to 900 Walmart stores in April. The initial product offering across Walmart was said to include 5 SKUs at the time. 

On Thursday, Neptune Wellness said via tweet that its product sales have outperformed Walmart's expectations by more than 150%. The company also provided an update on product availability. 

"Sprout products are now in 27,000 doors vs 18,500 doors a year-ago, with some of the newest doors expected to show up in Nielsen data soon, as we scale," the company said in the tweet. 

Neptune Wellness is focused on building a broad portfolio of affordable consumer products in response to long-term secular trends and market demand for natural, plant-based, sustainable and purpose-driven lifestyle brands. Sprout Organics features premium organic foods and snacks for babies and toddlers.

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NEPT Price Action: Neptune Wellness has a 52-week high of $3.57 and a 52-week low of 10 cents.

The stock was up 125.8% at $3.04 at press time, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.