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Harvest Health: Analyst Price Target and Ratings

Harvest Health & Recreation (HRVSF) (HARV) reported its second-quarter earnings on August 15. Since then, the stock price has declined by 44.6%. During the quarter, the company’s revenue rose 39% sequentially to $26.6 million. Also, its gross margin improved from 41% to 64% in the first quarter of 2019.

However, the company’s net loss marginally increased from $20 million in the first quarter to $20.6 million. The weakness in the cannabis sector and an increase in net losses could have led Harvest Health’s stock price to fall since August 15.

Harvest Health

Analysts’ ratings on Harvest Health

From the above graph, we can see that there has been a gradual increase in the number of analysts covering Harvest Health. At the beginning of this year, only one analyst covered Harvest Health. As of October 6, six analysts covered the stock. However, the coverage has shrunk back to one analyst compared to last month’s seven analysts.

Despite the fall in Harvest Health’s stock price, analysts still look bullish on the stock. Of the six analysts’ that cover the stock, two analysts have given it a “strong-buy” rating while the remaining four analysts are advocating a “buy” rating. None of the analysts are recommending a “hold” or a “sell” rating for the stock.

Price update for Harvest Health

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From the above graph, we can see that there is a gradual increase in the consensus price target for Harvest Health since the beginning of this year. However, the consensus price target has declined marginally from $20.50 Canadian dollars on August 6 to $20.36 Canadian dollars on October 6. The new price target represents a huge upside potential of 410.2% from its October 4 closing price of $3.99 Canadian dollars.

Canaccord Genuity started its coverage on Harvest Health with a “buy” rating and a price target of $15 Canadian dollars on February 6. Since then, the investment firm has raised its price target three times to $19 Canadian dollars. In July, Eight Capital raised its price target from $17 Canadian dollars to $25 Canadian dollars. Also in July, Compass Point gave Harvest Health a “buy” rating and a price target of $11 Canadian dollars.

Peers comparisons

  • In addition to Harvest Health, analysts are bullish on Curaleaf Holdings (CURA) (CURLF). Six of the seven analysts covering the stock favoring a “buy” rating. For more on analysts’ opinions, read “Curaleaf: Analysts’ Target Price and Ratings.”
  • Of the eight analysts covering MedMen Enterprises (MMEN) (MMNFF), six analysts are favoring a “buy” rating. Read “MedMen: Analysts’ Target Price and Ratings” to know more about analysts’ ratings.
  • All 10 analysts that covered Cresco Labs (CRLBF) (CL) rated the stock as “buy.” For analysts’ ratings and price target, read, “Cresco Labs: Target Price and Valuation Multiple.”
  • On October 4, Curaleaf, MedMen, and Cresco Labs were trading at a discount of 88.4%, 146.9%, and 134.8%, respectively, from their consensus price targets.

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