Charlotte's Web Holdings: Hits record low on bigger-than-expected loss

Charlotte's Web Holdings

14/09/2020 16:44

** Shares of medical cannabis co  CWEB.TO  fall as much as
7.1% to C$3.68 - a record low
    ** CWEB posts bigger-than-expected loss in Q2 and misses
revenue estimates, as stores that sell its products shuttered
temporarily or saw lower traffic due to the COVID-19 pandemic
 urn:newsml:reuters.com:*:nCNWr7lHHa
    ** We expect revenue to be flat to modestly higher for 2020
- CWEB  urn:newsml:reuters.com:*:nTRN1QF33m
    ** Analysts on average project FY20 revenue to jump 18.3%,
according to IBES data from Refinitiv
    ** Post results, Canaccord Genuity analyst Derek Dley cuts
PT on stock to C$7.75 from C$9
    ** Direct-to-consumer sales, however, increase 33.6% in Q2,
as its digital marketing campaigns and social-media programs led
to a rise in online traffic
    ** Avg. rating is "buy" and median PT is C$6.96, about 85%
higher than current trading level
    ** Including session's move, stock has lost about two-thirds
of its value this year

 (Reporting by Praveen Paramasivam in Bengaluru)
 ((Praveen.Paramasivam@thomsonreuters.com))