Needham Thinks Green Thumb Industries’ Stock is Going to Recover

Needham analyst Matt McGinley maintained a Buy rating on Green Thumb Industries (GTBIFResearch Report) today and set a price target of $21.00. The company’s shares closed last Wednesday at $9.71, close to its 52-week low of $7.72.

According to TipRanks.com, McGinley is a 4-star analyst with an average return of 8.9% and a 32.0% success rate. McGinley covers the Basic Materials sector, focusing on stocks such as Ascend Wellness Holdings LLC, Curaleaf Holdings, and Trulieve Cannabis.

Currently, the analyst consensus on Green Thumb Industries is a Strong Buy with an average price target of $29.44, which is a 207.3% upside from current levels. In a report issued on July 22, Seaport Global also initiated coverage with a Buy rating on the stock with a $15.00 price target.

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Green Thumb Industries’ market cap is currently $2.28B and has a P/E ratio of 23.64.

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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.

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