Needham Believes Green Thumb Industries (GTBIF) Still Has Room to Grow


In a report released today, Matt McGinley from Needham assigned a Buy rating to Green Thumb Industries (GTBIF), with a price target of $39.00. The company’s shares closed last Tuesday at $25.25, close to its 52-week high of $25.80.

According to TipRanks.com, McGinley is a 5-star analyst with an average return of 96.6% and a 85.3% success rate. McGinley covers the Basic Materials sector, focusing on stocks such as Trulieve Cannabis, Curaleaf Holdings, and Aurora Cannabis.

Currently, the analyst consensus on Green Thumb Industries is a Strong Buy with an average price target of $32.19.

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Based on Green Thumb Industries’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $157 million and net profit of $9.64 million. In comparison, last year the company earned revenue of $67.99 million and had a GAAP net loss of $14.59 million.

Based on the recent corporate insider activity of 103 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 GTBIF in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Green Thumb Industries is headquartered in Chicago, Illinois, and produces and sells medicinal and recreational cannabis through wholesale and retail channels in the United States. It has a presence in 12 states and operates over 30 cannabis stores under the chains Rise and Essence. Green Thumb is focusing its expansion on limited license states with large populations, and it does not currently export into the global medical market due to U.S. federal prohibition. It offers multiple products under a portfolio of cannabis consumer packaged goods brands, including Dr. Solomon’s, Dogwalkers, and Beboe.

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