Canaccord Genuity Thinks Acreage Holdings’ Stock is Going to Recover
In a report released today, Matt Bottomley from Canaccord Genuity maintained a Buy rating on Acreage Holdings (ACRGF), with a price target of $6.00. The company’s shares closed last Tuesday at $2.88, close to its 52-week low of $1.47.
According to TipRanks.com, Bottomley is a 4-star analyst with an average return of 7.8% and a 51.3% success rate. Bottomley covers the Industrial Goods sector, focusing on stocks such as The Supreme Cannabis Company, Harvest Health & Recreation, and Vireo Health International.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Acreage Holdings with a $4.23 average price target.
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Based on Acreage Holdings’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $24.23 million and GAAP net loss of $172 million. In comparison, last year the company earned revenue of $12.9 million and had a GAAP net loss of $23.38 million.
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Acreage Holdings, Inc. engages in owning and operating cannabis licenses and assets in the U.S. with respect to the number of states with cannabis related licenses. It focuses on the cultivation, processing, and distribution operations. The company was founded by Kevin P. Murphy on July 12, 1989 and is headquartered in New York, NY.
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