Canopy Growth Corporation (NASDAQ:CGC) Given Average Recommendation of “Strong Sell” by Brokerages

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been assigned a consensus rating of “Strong Sell” from the five brokerages that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a sell rating and two have assigned a hold rating to the company.

A number of brokerages have recently weighed in on CGC. Zacks Research upgraded Canopy Growth to a “hold” rating in a research report on Tuesday, August 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, October 8th. Wall Street Zen raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Benchmark raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, November 10th.

Canopy Growth Trading Down 2.7%

Shares of Canopy Growth stock opened at $1.07 on Monday. The company has a 50-day moving average of $1.33 and a two-hundred day moving average of $1.35. Canopy Growth has a 12-month low of $0.77 and a 12-month high of $4.25. The company has a current ratio of 5.50, a quick ratio of 4.23 and a debt-to-equity ratio of 0.31. The stock has a market cap of $256.64 million, a PE ratio of -0.55 and a beta of 0.82.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.10. Canopy Growth had a negative return on equity of 61.97% and a negative net margin of 113.21%.The business had revenue of $47.86 million for the quarter, compared to analysts’ expectations of $71.82 million. On average, research analysts anticipate that Canopy Growth will post -2.81 EPS for the current fiscal year.

Insider Buying and Selling at Canopy Growth

In other news, CEO Luc Mongeau bought 27,469 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was purchased at an average price of $1.82 per share, with a total value of $49,993.58. Following the purchase, the chief executive officer 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. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christelle Gedeon sold 16,929 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $1.74, for a total transaction of $29,456.46. Following the sale, the insider directly owned 368,488 shares in the company, valued at $641,169.12. This represents a 4.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 45,772 shares of company stock valued at $75,951 in the last three months. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Canopy Growth

Several institutional investors and hedge funds have recently modified their holdings of CGC. Two Sigma Investments LP acquired a new stake in Canopy Growth during the third quarter worth approximately $1,767,000. UBS Group AG lifted its stake in shares of Canopy Growth by 32.1% during the 3rd quarter. UBS Group AG now owns 575,107 shares of the company’s stock worth $840,000 after purchasing an additional 139,725 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Canopy Growth by 33.1% during the third quarter. Mackenzie Financial Corp now owns 111,945 shares of the company’s stock worth $163,000 after purchasing an additional 27,823 shares during the last quarter. Insigneo Advisory Services LLC grew its position in shares of Canopy Growth by 168.7% in the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock valued at $63,000 after purchasing an additional 27,000 shares during the period. Finally, TD Asset Management Inc grew its position in shares of Canopy Growth by 20.3% in the third quarter. TD Asset Management Inc now owns 214,967 shares of the company’s stock valued at $314,000 after purchasing an additional 36,248 shares during the period. Hedge funds and other institutional investors own 3.33% of the company’s stock.

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.