Green Thumb Industries
Green Thumb Industries (GTBIF) has ~72 retail locations and 11 manufacturing facilities in the United States. The company calls itself “vertically integrated” with operations including manufacturing and selling dried flowers, edibles, and concentrates. The stock has been one of the best performers with a return in excess of 100% YTD (year-to-date) as of April 23 at a closing price of 21.5 Canadian dollars. Let’s look at what analysts recommend following the rally.
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The current consensus ratings on Green Thumb Industries remained unchanged from the previous month at a “buy.” In the above chart, one analyst had a “strong buy,” while six analysts had a “buy” on the stock. Over the past seven periods in the above chart, no analysts had a “hold,” “sell,” or a “strong sell” rating. The company’s peers (HMMJ) including Canopy Growth (WEED) and Aurora Cannabis (ACB) also carried a “buy” recommendation, while Cronos Group (CRON) had a “sell” recommendation.
The company’s overall target price increased to 28.2 Canadian dollars from 26.2 Canadian dollars a month ago. The target price indicates that the analysts turned more bullish on the stock. Given that the company’s operations are spread out in 12 states in the United States, the optimism of legalized cannabis in the United States appears to be driving this sentiment.