Canopy Growth Corp (NYSE:CGC) has been assigned an average rating of “Hold” from the twenty-seven brokerages that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, sixteen have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $35.74.
A number of brokerages recently weighed in on CGC. Laurentian Bank of Canada raised Canopy Growth to a “buy” rating in a report on Thursday, March 5th. Jefferies Financial Group raised Canopy Growth from an “underperform” rating to a “hold” rating and decreased their price target for the stock from $17.30 to $15.60 in a research note on Thursday, April 16th. Laurentian raised Canopy Growth to a “buy” rating in a research note on Thursday, March 5th. Bank of America assumed coverage on Canopy Growth in a research note on Friday, May 22nd. They issued a “buy” rating on the stock. Finally, CIBC cut Canopy Growth from an “outperform” rating to a “neutral” rating in a research note on Monday, June 1st.
Institutional investors and hedge funds have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC boosted its position in shares of Canopy Growth by 192.0% during the first quarter. Steward Partners Investment Advisory LLC now owns 1,825 shares of the marijuana producer’s stock valued at $26,000 after purchasing an additional 1,200 shares in the last quarter. Procyon Private Wealth Partners LLC bought a new stake in shares of Canopy Growth during the fourth quarter valued at approximately $29,000. Total Clarity Wealth Management Inc. bought a new stake in shares of Canopy Growth during the fourth quarter valued at approximately $31,000. Ancora Advisors LLC bought a new stake in shares of Canopy Growth during the fourth quarter valued at approximately $34,000. Finally, PSI Advisors LLC bought a new stake in shares of Canopy Growth during the fourth quarter valued at approximately $37,000. 10.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE CGC traded down $1.53 during trading hours on Monday, reaching $16.16. 4,566,304 shares of the stock traded hands, compared to its average volume of 7,709,912. The company has a market capitalization of $5.72 billion, a P/E ratio of -2.46 and a beta of 2.60. The company has a quick ratio of 5.17, a current ratio of 6.10 and a debt-to-equity ratio of 0.09. Canopy Growth has a 52-week low of $9.00 and a 52-week high of $44.17. The company’s 50-day simple moving average is $16.57 and its two-hundred day simple moving average is $18.04.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Friday, May 29th. The marijuana producer reported ($1.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.86). The firm had revenue of $80.46 million for the quarter, compared to analysts’ expectations of $94.65 million. Canopy Growth had a negative net margin of 752.54% and a negative return on equity of 20.66%. As a group, sell-side analysts forecast that Canopy Growth will post -1.07 earnings per share for the current fiscal year.
Canopy Growth Company Profile
Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.
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