Northland Securities Thinks MedMen Enterprises Inc’s Stock is Going to Recover

By Carrie Williams

Northland Securities analyst Paul Penney maintained a Buy rating on MedMen Enterprises Inc (MMNFFResearch Report) today and set a price target of $9. The company’s shares opened today at $3.33, close to its 52-week low of $2.53.

Penney commented:

“We continue to believe long term oriented MMEN investors (as with any early stage growth company overall) will recognize that this Q (and likely the next several) will be more about building out their existing store base and revenue execution instead of focused on near term profitability.”

According to TipRanks.com, Penney is a 3-star analyst with an average return of 6.6% and a 50.0% success rate. Penney covers the Technology sector, focusing on stocks such as ImageWare Systems Inc, Boingo Wireless Inc, and Gogo Inc.

The word on The Street in general, suggests a Hold analyst consensus rating for MedMen Enterprises Inc.

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The company has a one-year high of $7.57 and a one-year low of $2.53. Currently, MedMen Enterprises Inc has an average volume of 1.2M.

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MedMen Enterprises, Inc. engages in the cultivation, production, and retailing of cannabis supply chain. It operates growing and manufacturing facilities which use agronomic technology and sustainable techniques. The company was founded by Adam Bierman and Andrew Modlin on January 9, 2018 and is headquartered in Culver City, CA.