Zacks: Analysts Anticipate Canopy Growth Corp (NYSE:CGC) to Post -$0.26 Earnings Per Share

Wall Street analysts expect Canopy Growth Corp (NYSE:CGC) to report earnings per share (EPS) of ($0.26) for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Canopy Growth’s earnings, with the lowest EPS estimate coming in at ($0.43) and the highest estimate coming in at ($0.10). Canopy Growth posted earnings per share of ($0.76) in the same quarter last year, which would indicate a positive year over year growth rate of 65.8%. The company is scheduled to report its next quarterly earnings results before the market opens on Wednesday, November 13th.

According to Zacks, analysts expect that Canopy Growth will report full year earnings of ($3.48) per share for the current year, with EPS estimates ranging from ($3.69) to ($3.12). For the next fiscal year, analysts anticipate that the firm will report earnings of ($0.54) per share, with EPS estimates ranging from ($1.53) to $0.17. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that follow Canopy Growth.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.06. The firm had revenue of $67.65 million for the quarter, compared to the consensus estimate of $85.97 million. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%.

A number of research analysts have recently commented on CGC shares. Seaport Global Securities cut shares of Canopy Growth from a “buy” rating to a “neutral” rating in a report on Monday, October 14th. Piper Jaffray Companies dropped their target price on shares of Canopy Growth from $40.00 to $36.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. LADENBURG THALM/SH SH started coverage on shares of Canopy Growth in a report on Wednesday, July 17th. They issued a “buy” rating and a $50.00 target price for the company. MKM Partners cut shares of Canopy Growth to a “sell” rating in a report on Tuesday, October 15th. Finally, Bank of America cut shares of Canopy Growth from a “buy” rating to a “neutral” rating and set a $27.00 target price for the company. in a report on Friday, September 27th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $47.21.

Shares of Canopy Growth stock opened at $19.42 on Thursday. The company has a market capitalization of $6.76 billion, a price-to-earnings ratio of -12.21 and a beta of 3.71. The company has a quick ratio of 9.03, a current ratio of 10.37 and a debt-to-equity ratio of 0.13. Canopy Growth has a 12-month low of $17.89 and a 12-month high of $52.74. The firm’s 50-day moving average price is $21.98 and its two-hundred day moving average price is $33.67.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kistler Tiffany Companies LLC raised its holdings in Canopy Growth by 43.0% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 1,097 shares of the marijuana producer’s stock valued at $44,000 after buying an additional 330 shares during the last quarter. AllSquare Wealth Management LLC raised its holdings in Canopy Growth by 8.3% in the 2nd quarter. AllSquare Wealth Management LLC now owns 4,500 shares of the marijuana producer’s stock valued at $182,000 after buying an additional 344 shares during the last quarter. Tradewinds Capital Management LLC raised its holdings in Canopy Growth by 41.9% in the 2nd quarter. Tradewinds Capital Management LLC now owns 1,202 shares of the marijuana producer’s stock valued at $48,000 after buying an additional 355 shares during the last quarter. Pictet Asset Management Ltd. raised its holdings in Canopy Growth by 0.5% in the 2nd quarter. Pictet Asset Management Ltd. now owns 77,571 shares of the marijuana producer’s stock valued at $3,138,000 after buying an additional 400 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in Canopy Growth by 0.7% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 58,845 shares of the marijuana producer’s stock valued at $2,371,000 after buying an additional 411 shares during the last quarter. Institutional investors and hedge funds own 9.16% of the company’s stock.

About Canopy Growth

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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