cbdMD (NYSEAMERICAN:YCBD) Shares Up 58.7% – Still a Buy?

cbdMD, Inc. (NYSEAMERICAN:YCBD) shot up 58.7% on Wednesday . The company traded as high as $2.53 and last traded at $2.27. 151,181,653 shares traded hands during trading, an increase of 634% from the average session volume of 20,585,578 shares. The stock had previously closed at $1.43.

Wall Street Analyst Weigh In

Separately, Maxim Group dropped their target price on cbdMD from $3.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, August 20th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, cbdMD currently has an average rating of “Buy” and an average price target of $2.00.

cbdMD Stock Performance

The stock’s 50-day moving average is $0.87 and its 200-day moving average is $0.87.

Institutional Investors Weigh In On cbdMD

An institutional investor recently raised its position in cbdMD stock. Chapin Davis Inc. raised its stake in shares of cbdMD, Inc. (NYSEAMERICAN:YCBD) by 62.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 118,626 shares of the company’s stock after purchasing an additional 45,626 shares during the period. Chapin Davis Inc. owned 1.33% of cbdMD worth $106,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 7.18% of the company’s stock.

cbdMD Company Profile

cbdMD, Inc produces and distributes various cannabidiol (CBD) products. The company owns and operates consumer hemp-based CBD brands, such as cbdMD, Paw CBD, hempMD, and cbdMD Botanicals. Its cbdMD brand products include CDB tinctures, gummies, topicals, capsules, drink mixes, and sleep, focus, and calming aids.