Green Thumb Industries (GTBIF) Gets a Buy Rating from Needham

By Ryan Adsit

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 Tuesday at $25.35.

According to TipRanks.com, McGinley is a 5-star analyst with an average return of 85.5% and a 67.4% 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 $46.80, representing a 73.3% upside. In a report issued on March 17, Canaccord Genuity also maintained a Buy rating on the stock with a C$52.00 price target.

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The company has a one-year high of $39.11 and a one-year low of $5.25. Currently, Green Thumb Industries has an average volume of 871.9K.

Based on the recent corporate insider activity of 108 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.