Good Morning! 2 Stocks To Buy On International Tea Day

3 min read | May 21, 2021 09:33 AM EDT | By Raza Naqvi

Good Morning! 2 Stocks To Buy On International Tea Day — Image source: Pixabay

DAVIDsTEA Inc (NASDAQ:DTEA, DTEA:US)

The leading Canadian tea merchant is seeking authorization from a Quebec court for a creditors' meeting scheduled to take place on June 11. It also aims to file a 'Plan of Arrangement’ under which the company wants to distribute C$ 18 million to its creditors.

During the trading session on Thursday, May 20, DTEA shares climbed about three per cent to close at US$ 3.27 apiece. Surpassing the S&P 500 Specialty Stores (Sub Industry) Sector, the stock surged by 35.7 per cent year-to-date (YTD) and skyrocketed by 331 per cent in the past year.

In Q4 2020, the company's revenues stood at C$ 40.2 million, recording a 96 per cent year-over-year (YoY) increase in e-commerce and wholesale sales. Its adjusted EBITDA was C$ 5.4 million in the same quarter.

Urban Tea Inc (NASDAQ:MYT, MYT:US)

Urban Tea is engaged in the distribution and retail business of tea products. Apart from this, the company also offers light meals and trendy tea drinks through its stores.

MYT stock soared by 6.3 per cent in the past week after the company announced the establishment of a new subsidiary for the blockchain and cryptocurrency mining business.

Earlier, Urban Tea had announced that its stores will accept cryptocurrency payment, which will include Bitcoin, Ethereum and Dogecoin. On May 20, the shares jumped three per cent to close at US$ 1.87. The stock's YTD growth is 7.4 per cent.

Urban Tea holds a price-to-earnings (P/E) ratio of 0.3 and its market cap is C$ 14.9 million, as per TMX. The company expects an increase of 400 per cent YoY in its revenues for the fiscal year ending June 30, 2021.

The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.

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