Needham Believes Green Thumb Industries (GTBIF) Won’t Stop Here
Needham analyst Matt McGinley assigned a Buy rating to Green Thumb Industries (GTBIF) today and set a price target of $20.50. The company’s shares closed last Tuesday at $13.88, close to its 52-week high of $14.01.
According to TipRanks.com, McGinley is a 5-star analyst with an average return of 48.5% and a 78.3% success rate. McGinley covers the Industrial Goods sector, focusing on stocks such as Curaleaf Holdings, Trulieve Cannabis, and Aurora Cannabis.
Green Thumb Industries has an analyst consensus of Strong Buy, with a price target consensus of $18.68, a 33.5% upside from current levels. In a report issued on July 23, Stifel Nicolaus also initiated coverage with a Buy rating on the stock with a C$34.00 price target.
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The company has a one-year high of $14.01 and a one-year low of $3.69. Currently, Green Thumb Industries has an average volume of 327.5K.
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 GTBIF in relation to earlier this year.
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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.