Shares of Canopy Growth Corp (NYSE:CGC) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $59.25 and last traded at $53.64, with a volume of 1130470 shares changing hands. The stock had previously closed at $56.89.

CGC has been the subject of several recent research reports. Canaccord Genuity upgraded Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Benchmark initiated coverage on Canopy Growth in a research note on Tuesday, September 25th. They issued a “buy” rating for the company. Zacks Investment Research upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Friday, September 21st. Scotiabank initiated coverage on Canopy Growth in a research note on Wednesday. They issued a “hold” rating and a $61.00 price target for the company. Finally, Cann initiated coverage on Canopy Growth in a research note on Friday, October 12th. They issued a “sell” rating and a $30.00 price target for the company. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Canopy Growth currently has an average rating of “Hold” and an average price target of $36.67.

The stock has a market cap of $11.19 billion, a price-to-earnings ratio of -158.41 and a beta of 3.17.

Canopy Growth (NYSE:CGC) last released its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.19). The company had revenue of $20.09 million for the quarter, compared to the consensus estimate of $21.04 million. Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 14.86%. On average, sell-side analysts predict that Canopy Growth Corp will post -0.37 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC bought a new stake in shares of Canopy Growth during the 3rd quarter valued at $11,650,000. Capital Investment Advisors LLC bought a new stake in shares of Canopy Growth during the 3rd quarter valued at $216,000. Winslow Evans & Crocker Inc. lifted its position in shares of Canopy Growth by 83.5% during the 3rd quarter. Winslow Evans & Crocker Inc. now owns 4,536 shares of the marijuana producer’s stock valued at $222,000 after acquiring an additional 2,064 shares during the period. Gofen & Glossberg LLC IL bought a new stake in shares of Canopy Growth during the 3rd quarter valued at $281,000. Finally, USA Mutuals Advisors Inc. bought a new stake in shares of Canopy Growth during the 3rd quarter valued at $777,000. Hedge funds and other institutional investors own 7.12% of the company’s stock.

About Canopy Growth (NYSE:CGC)

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, Bedrocan Canada, CraftGrow, and Foria brand names.

Featured Story: Short Selling

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.