Needham Issues a Hold Rating on Columbia Care (CCHWF)

Needham analyst Matt McGinley assigned a Hold rating to Columbia Care (CCHWFResearch Report) today. The company’s shares closed last Friday at $5.55.

According to TipRanks.com, McGinley is a 5-star analyst with an average return of 74.0% and a 64.3% success rate. McGinley covers the Basic Materials sector, focusing on stocks such as Green Thumb Industries, Trulieve Cannabis, and Curaleaf Holdings.

Currently, the analyst consensus on Columbia Care is a Strong Buy with an average price target of $11.00.

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Based on Columbia Care’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $86.1 million and GAAP net loss of $15.41 million. In comparison, last year the company earned revenue of $26.32 million and had a GAAP net loss of $20.11 million.

Based on the recent corporate insider activity of 104 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 CCHWF in relation to earlier this year.

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Columbia Care, Inc. engages in the cultivation, manufacture and provision of medical cannabis products and services. It distributes its products under the EleCeed, TheraCeed, and ClaraCeed brands. The company was founded by Nicholas Vita and Michael Abbott in 2012 and is headquartered in New York, NY.