Needham Assigns a Buy Rating on Green Thumb Industries (GTBIF)

Needham analyst Matt McGinley assigned a Buy rating to Green Thumb Industries (GTBIFResearch Report) today and set a price target of $47.25. The company’s shares closed last Wednesday at $29.47.

According to TipRanks.com, McGinley is a 5-star analyst with an average return of 76.3% and a 69.1% success rate. McGinley covers the Basic Materials sector, focusing on stocks such as Curaleaf Holdings, Trulieve Cannabis, and Aurora Cannabis.

Currently, the analyst consensus on Green Thumb Industries is a Strong Buy with an average price target of $48.42, a 58.8% upside from current levels. In a report issued on April 30, BTIG also maintained a Buy rating on the stock with a C$73.00 price target.

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Based on Green Thumb Industries’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $177 million and net profit of $22.46 million. In comparison, last year the company earned revenue of $75.8 million and had a GAAP net loss of $14.07 million.

Based on the recent corporate insider activity of 125 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.