Charlotte’s Web Holdings
Charlotte’s Web Holdings (CWBHF) saw a negative price action of 8.7% on April 4. The stock rose 75% in the first quarter. On April 4, we saw some weakness in the cannabis space. The Horizons Marijuana Life Sciences ETF (HMMJ) fell 0.69%. Looking at other cannabis stocks, CannTrust (CTST) and Tilray (TLRY) fell 1.5% and 3.6%, respectively. However, Aurora Cannabis (ACB) and Cronos Group saw upwards price action of 0.22% and 0.61%, respectively.
Charlotte’s Web Holdings continued its uptrend even after missing its fourth-quarter earnings estimates. The company missed the top-line and bottom-line estimates. Last month, several cannabis companies posted dismal earnings. Although Charlotte’s Web Holdings missed the estimates, it had a record harvest of 675,000 pounds in 2018. Charlotte’s Web Holdings has been actively expanding its distribution. The company’s products are available across more than 4,000 locations in the United States.
After Charlotte’s Web Holdings’ fourth-quarter earnings, several analysts raised their target prices. On March 30, PI Financial raised Charlotte’s Web Holdings’ target price from 26 Canadian dollars to 30 Canadian dollars. Cormark Securities raised Charlotte’s Web Holdings’ target price from 25.5 Canadian dollars to 33.5 Canadian dollars. Canaccord Genuity raised its target price from 26 Canadian dollars to 29 Canadian dollars.