Canopy Growth Corporation (NASDAQ:CGC) Receives Average Rating of “Hold” from Brokerages

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been given an average recommendation of “Hold” by the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation and two have assigned a buy recommendation to the company.

A number of equities research analysts have recently commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research note on Monday, April 20th. Wall Street Zen downgraded Canopy Growth from a “hold” rating to a “sell” rating in a report on Sunday, March 29th. Canaccord Genuity Group initiated coverage on Canopy Growth in a report on Friday, March 27th. They issued a “buy” rating on the stock. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th. Finally, Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th.

Institutional Trading of Canopy Growth

Several institutional investors have recently made changes to their positions in CGC. Bank of Montreal Can grew its holdings in Canopy Growth by 122.7% during the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock valued at $29,000 after buying an additional 135,970 shares in the last quarter. Octavia Wealth Advisors LLC bought a new position in Canopy Growth during the 4th quarter valued at about $30,000. Boothbay Fund Management LLC purchased a new stake in shares of Canopy Growth in the second quarter worth approximately $30,000. Midwest Trust Co purchased a new stake in Canopy Growth in the third quarter worth $31,000. Finally, PCG Wealth Advisors LLC purchased a new position in Canopy Growth in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Price Performance

CGC opened at $1.13 on Monday. The stock has a market capitalization of $456.66 million, a PE ratio of -0.87 and a beta of 0.78. The stock’s 50 day moving average price is $1.07 and its 200-day moving average price is $1.17. Canopy Growth has a 52-week low of $0.84 and a 52-week high of $2.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, February 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The firm had revenue of $90.39 million during the quarter, compared to analysts’ expectations of $70.96 million. Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%. On average, equities research analysts predict that Canopy Growth will post -0.36 EPS for the current year.

Canopy Growth Company Profile

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.