Canopy Growth Corporation (NASDAQ:CGC) Receives Consensus Recommendation of “Reduce” from Analysts

Canopy Growth Corporation (NASDAQ:CGC) has received a consensus recommendation of “Reduce” from the five research firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company.

CGC has been the subject of a number of analyst reports. Benchmark upgraded Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, January 21st. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a report on Monday, December 15th.

Canopy Growth Price Performance

Canopy Growth stock opened at $1.09 on Friday. The firm has a fifty day moving average of $1.25 and a 200-day moving average of $1.29. Canopy Growth has a 52-week low of $0.77 and a 52-week high of $2.90. The company has a quick ratio of 4.23, a current ratio of 5.50 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $401.62 million, a P/E ratio of -0.56 and a beta of 0.43.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data on Friday, November 7th. The company reported ($0.01) EPS 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 company had revenue of $47.86 million for the quarter, compared to analysts’ expectations of $71.82 million. As a group, analysts predict that Canopy Growth will post -2.81 EPS for the current year.

Hedge Funds Weigh In On Canopy Growth

A number of hedge funds have recently added to or reduced their stakes in the business. Midwest Trust Co acquired a new stake in shares of Canopy Growth during the third quarter worth $31,000. Boothbay Fund Management LLC acquired a new stake in Canopy Growth during the second quarter worth about $30,000. Octavia Wealth Advisors LLC acquired a new stake in Canopy Growth during the fourth quarter worth about $30,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Canopy Growth by 81.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after acquiring an additional 14,498 shares during the last quarter. Finally, Genesee Capital Advisors LLC boosted its stake in Canopy Growth by 166.1% in the third quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock valued at $58,000 after acquiring an additional 25,000 shares during the period. Institutional investors and hedge funds own 3.33% of the company’s stock.

About Canopy Growth

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.