cbdMD (NYSEAMERICAN:YCBD) Stock Price Down 3.4% – Here’s Why

Shares of cbdMD, Inc. (NYSEAMERICAN:YCBD) traded down 3.4% during mid-day trading on Wednesday . The company traded as low as $0.5361 and last traded at $0.5361. 15,897,074 shares changed hands during mid-day trading, an increase of 9,432% from the average session volume of 166,776 shares. The stock had previously closed at $0.5552.

Analyst Ratings Changes

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

cbdMD Price Performance

The firm has a 50 day moving average of $0.91 and a 200-day moving average of $0.88.

Hedge Funds Weigh In On cbdMD

A hedge fund recently raised its stake in cbdMD stock. Alesco Advisors LLC raised its stake in shares of cbdMD, Inc. (NYSEAMERICAN:YCBD) by 64.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 68,513 shares of the company’s stock after purchasing an additional 26,748 shares during the quarter. Alesco Advisors LLC owned 0.77% of cbdMD worth $61,000 as of its most recent filing with the SEC. 7.18% of the stock is currently owned by hedge funds and other institutional investors.

About cbdMD

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.