Canopy Growth (NASDAQ:CGC) Raised to “Hold” at Benchmark

Canopy Growth (NASDAQ:CGC) was upgraded by stock analysts at Benchmark from a “sell” rating to a “hold” rating in a research report issued on Monday,Benzinga reports.

CGC has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded Canopy Growth to a “hold” rating in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Strong Sell”.

Canopy Growth Stock Performance

Shares of CGC opened at $1.17 on Monday. The firm has a fifty day simple moving average of $1.37 and a 200 day simple moving average of $1.36. The company has a current ratio of 3.07, a quick ratio of 2.12 and a debt-to-equity ratio of 0.59. Canopy Growth has a 12 month low of $0.77 and a 12 month high of $4.54. The stock has a market capitalization of $280.62 million, a price-to-earnings ratio of -0.60 and a beta of 0.82.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.10. The firm had revenue of $47.86 million during the quarter, compared to the consensus estimate of $71.82 million. Canopy Growth had a negative return on equity of 68.53% and a negative net margin of 113.21%. Research analysts forecast that Canopy Growth will post -2.81 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Christelle Gedeon sold 16,929 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $1.74, for a total value of $29,456.46. Following the completion of the sale, the insider directly owned 368,488 shares in the company, valued at approximately $641,169.12. The trade was a 4.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Luc Mongeau purchased 27,469 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was bought at an average price of $1.82 per share, for a total transaction of $49,993.58. Following the transaction, the chief executive officer directly owned 812,368 shares of the company’s stock, valued at $1,478,509.76. This trade represents a 3.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders sold 50,300 shares of company stock valued at $84,373. 0.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CGC. Tidal Investments LLC boosted its holdings in shares of Canopy Growth by 31.5% in the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after purchasing an additional 1,204,530 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Canopy Growth by 10,308.3% during the 1st quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock worth $882,000 after buying an additional 960,218 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Canopy Growth by 9.8% during the 3rd quarter. SBI Securities Co. Ltd. now owns 584,755 shares of the company’s stock worth $854,000 after buying an additional 52,214 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Canopy Growth by 64.6% in the first quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock valued at $301,000 after buying an additional 129,620 shares in the last quarter. Finally, AdvisorShares Investments LLC grew its position in Canopy Growth by 249.6% in the third quarter. AdvisorShares Investments LLC now owns 322,162 shares of the company’s stock valued at $470,000 after acquiring an additional 230,000 shares during the last quarter. 3.33% of the stock is owned by institutional investors.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.