Canopy Growth (NYSE:CGC) was downgraded by equities research analysts at Alliance Global Partners from a “buy” rating to a “neutral” rating in a research note issued on Friday, Briefing.com Automated Import reports.
A number of other research firms have also weighed in on CGC. Oppenheimer initiated coverage on Canopy Growth in a research report on Tuesday, September 17th. They set a “market perform” rating on the stock. Zacks Investment Research raised Canopy Growth from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Thursday, October 31st. Seaport Global Securities lowered Canopy Growth from a “buy” rating to a “neutral” rating in a research report on Monday, October 14th. Canaccord Genuity reaffirmed a “buy” rating on shares of Canopy Growth in a research report on Friday, August 16th. Finally, Piper Jaffray Companies cut their price objective on Canopy Growth from $40.00 to $36.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $47.21.
NYSE:CGC opened at $15.84 on Friday. The company has a quick ratio of 9.03, a current ratio of 10.37 and a debt-to-equity ratio of 0.13. The stock’s fifty day moving average is $21.11 and its two-hundred day moving average is $32.72. Canopy Growth has a 52 week low of $15.19 and a 52 week high of $52.74. The stock has a market capitalization of $6.71 billion, a price-to-earnings ratio of -9.96 and a beta of 3.71.
Canopy Growth (NYSE:CGC) last released its quarterly earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.06. Canopy Growth had a negative return on equity of 13.01% and a negative net margin of 647.47%. The company had revenue of $67.65 million for the quarter, compared to analysts’ expectations of $85.97 million. On average, sell-side analysts expect that Canopy Growth will post -1.04 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of CGC. ETF Managers Group LLC purchased a new position in Canopy Growth in the second quarter valued at $82,823,000. Thoroughbred Financial Services LLC increased its holdings in Canopy Growth by 4,147.9% in the second quarter. Thoroughbred Financial Services LLC now owns 481,583 shares of the marijuana producer’s stock valued at $48,158,000 after buying an additional 470,246 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in Canopy Growth in the second quarter valued at $15,111,000. Bank of Nova Scotia increased its holdings in Canopy Growth by 216.3% in the second quarter. Bank of Nova Scotia now owns 507,950 shares of the marijuana producer’s stock valued at $19,995,000 after buying an additional 347,347 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Canopy Growth by 66.2% in the second quarter. JPMorgan Chase & Co. now owns 601,365 shares of the marijuana producer’s stock valued at $24,452,000 after buying an additional 239,617 shares during the last quarter. 9.09% of the stock is currently owned by hedge funds and other institutional investors.
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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