Green Thumb Industries (OTCMKTS:GTBIF) Shares Gap Down - Here's What Happened

Key Points

• Green Thumb Industries shares fell sharply at the open, dropping from a prior close of $7.68 to $7.20 and last trading near $7.16.
• Analysts remain broadly positive, with an average “Buy” rating and a consensus price target of $18.00, substantially above the current share price.
• The company beat quarterly expectations, reporting $0.02 in EPS versus $0.01 expected and revenue of $306.68 million compared with the $298.99 million consensus estimate.

Shares of Green Thumb Industries Inc. (OTCMKTS:GTBIF - Get Free Report) gapped down prior to trading on Wednesday. The stock had previously closed at $7.68, but opened at $7.20. Green Thumb Industries shares last traded at $7.1553, with a volume of 288,581 shares.

Analyst Ratings Changes

GTBIF has been the topic of several recent research reports. Seaport Research Partners reiterated a "buy" rating and set a $18.00 price objective on shares of Green Thumb Industries in a research report on Thursday, August 6th. Roth Capital set a $18.00 target price on shares of Green Thumb Industries in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $18.00.

Green Thumb Industries Price Performance

The stock has a market cap of $1.33 billion, a P/E ratio of 12.65 and a beta of 1.27. The firm's 50 day moving average price is $7.38 and its 200-day moving average price is $7.33.

Green Thumb Industries (OTCMKTS:GTBIF - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. Green Thumb Industries had a net margin of 10.48% and a return on equity of 6.03%. The firm had revenue of $306.68 million for the quarter, compared to the consensus estimate of $298.99 million. On average, analysts expect that Green Thumb Industries Inc. will post 0.16 earnings per share for the current year.

Green Thumb Industries Company Profile

Green Thumb Industries Inc is a consumer-focused cannabis company that cultivates, manufactures and distributes cannabis products in the United States. Its product portfolio includes flower, pre-rolls, vapes, edibles, concentrates and other cannabis products sold under brands such as Good Green, &Shine, incredibles, Beboe and Dogwalkers.

The company also operates a national retail platform under the RISE Dispensaries name. Through its cultivation, manufacturing and retail operations, Green Thumb serves adult-use and medical cannabis markets across multiple states, including Illinois, Pennsylvania, Ohio, New Jersey, Nevada, Massachusetts, Maryland, Florida, Virginia, Connecticut and Minnesota.

Founded in 2014 and headquartered in Chicago, Green Thumb Industries has expanded through the development and acquisition of cultivation facilities, manufacturing operations and dispensary locations.

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