In a report released today, Michael Grondahl from Northland Securities maintained a Buy rating on CV Sciences Inc (CVSI), with a price target of $8. The company’s shares closed yesterday at $5.14.
Grondahl wrote:
“We do not have a strong read on the March quarter for CVSI. With the recent win of CVS Pharmacy, CVSI added 800 new stores at CVS Pharmacy and roughly 200 other locations bringing total store count to 3,308 at March 31, 2019. This is an 87% increase in store count y/y. We believe CVSI may have had to pay slotting fees for retooling shelf space at CVS Pharmacy which is a contra-revenue account.”
According to TipRanks.com, Grondahl is a 5-star analyst with an average return of 24.7% and a 66.9% success rate. Grondahl covers the Financial sector, focusing on stocks such as Front Yard Residential Corporation, Altisource Portfolio Solutions SA, and Health Insurance Innovations.
Currently, the analyst consensus on CV Sciences Inc is a Moderate Buy with an average price target of $8.
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The company has a one-year high of $9.20 and a one-year low of $0.68. Currently, CV Sciences Inc has an average volume of 1.05M.
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CV Sciences, Inc. engages in the development, manufacture, and sale of consumer and pharmaceutical products. It operates through the Consumer Products and Specialty Pharmaceutical segments. The Consumer Products segment includes manufacturing, marketing, and selling of hemp-based cannabidiol products through the PlusCBD brand.
