Harvest Health Reports 84.% YoY Higher Revenue Of $102.5M Based On Trulieve Share Price, Cantor Fitzgerald Sets Up Price Target

Harvest Health & Recreation Inc. (CSE: HARV) (OTCQX: HRVSF) posted its second-quarter revenue of $102.5 million, up by 84% from $55.7 million in the same period of 2020. 

On Tuesday, Phoenix, Arizona-based company also disclosed a net loss of $19.2 million, which compares to a net loss of $23.0 million in the prior quarter.

Adjusted EBITDA for the second quarter amounted to $28.0 million, versus $26.9 million in the first quarter. The gross profit margin was 51.0, compared to 42.1% in the corresponding period of 2020.

The Analyst 

Cantor Fitzgerald’s analyst Pablo Zuanic kept a ‘Neutral’ rating on Harvest stock, placing the price target at $3.85. 

The Thesis 

To set up the price target on Harvest stock of $3.85, the analyst looked at the offer ratio from Trulieve Cannabis (OTCQX: TCNNF), 0.1170 per Trulieve share, …

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