In a report released today, William Kirk from MKM Partners maintained a Buy rating on Acreage Holdings (ACRGF), with a price target of $5.00. The company’s shares closed last Monday at $2.68, close to its 52-week low of $1.47.
According to TipRanks.com, Kirk has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -5.5% and a 37.0% success rate. Kirk covers the Consumer Goods sector, focusing on stocks such as Bj’s Wholesale Club Holdings, Craft Brewers Alliance, and Grocery Outlet Holding.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Acreage Holdings with a $4.45 average price target, which is a 56.1% upside from current levels. In a report issued on August 12, Canaccord Genuity also maintained a Buy rating on the stock with a $6.00 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.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ACRGF in relation to earlier this year.
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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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