After closing the trading day on Wednesday, February 3rd, up a whopping 7% at $4.43 USD per share, hemp and CBD brands company cbdMD Inc. (NYSE:YCBD) officially outpaced recent price target estimates from Cantor Fitzgerald analyst Pablo Zuanic. Shares of YCBD rose even further in after hours trading.
Recently lowered from $4.30 per share, Pablo Zuanic’s neutral outlook and price target of $4.10 per share implies potential downside to come for shares of YCBD based on the last traded price of $4.54 USD per share on the NYSE.
This rapid increase in YCBD share price comes following cbdMD’s recent announcement that the company would donate up to $500,000 from sales to aid the Barstool Fund, set up by David Portnoy and Barstool Sports to help bars, restaurants, and other small businesses around the United States in need of help due to the effects of COVID-19.
“As fellow entrepreneurs and small business owners, we know firsthand how difficult the COVID-19 pandemic has been for so many small business owners here in America. Scott Coffman and I are honored for cbdMD to join Dave Portnoy in helping other businesses during this time of need. Small businesses are the backbone of the American economy; it’s good for America when small businesses thrive, and we urge other business owners to help however you can, as soon as you can,” commented Marty Sumichrast, Chairman & Co-CEO of cbdMD, Inc.
Coming up on the horizon, cbdMD has a conference call scheduled for 4:15 p.m., Eastern Time, on Tuesday, February 9th, 2021, to discuss the company’s December 31, 2020 first quarter financial results and business progress.
Be sure to subscribe to updates here so you never miss an important development. We’ll be sure to continue monitoring analyst upgrades and downgrades. In the meantime, Zuanic recently raised his price target for shares of Jushi Holdings Inc. (CSE:JUSH) (OTC:JUSHF).
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