Canopy Growth Corporation (NASDAQ:CGC) Given Consensus Recommendation of “Hold” by Analysts

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been given a consensus recommendation of “Hold” by the six brokerages that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company.

CGC has been the subject of several recent analyst reports. Weiss Ratings downgraded Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 15th. Wall Street Zen downgraded Canopy Growth from a “hold” rating to a “sell” rating in a research note on Sunday, March 29th. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday, March 17th. Finally, Canaccord Genuity Group initiated coverage on Canopy Growth in a research note on Friday, March 27th. They issued a “buy” rating for the company.

Insider Buying and Selling

In other news, insider Christelle Gedeon sold 58,994 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $57,224.18. Following the completion of the transaction, the insider directly owned 705,506 shares in the company, valued at approximately $684,340.82. This represents a 7.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Luc Mongeau sold 135,231 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total value of $131,174.07. Following the transaction, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at $1,672,195.61. This represents a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 224,958 shares of company stock valued at $217,137 over the last quarter. Corporate insiders own 0.16% of the company’s stock.

Institutional Trading of Canopy Growth

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. raised its holdings in Canopy Growth by 19,571.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after buying an additional 2,011,917 shares during the period. Sullivan Wood Capital Management LLC raised its holdings in Canopy Growth by 212.5% during the 4th quarter. Sullivan Wood Capital Management LLC now owns 772,785 shares of the company’s stock valued at $881,000 after buying an additional 525,500 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Canopy Growth by 723.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after buying an additional 4,037,281 shares during the period. Foundations Investment Advisors LLC purchased a new stake in Canopy Growth during the 4th quarter valued at $485,000. Finally, SLT Holdings LLC purchased a new stake in Canopy Growth during the 4th quarter valued at $484,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Trading Up 5.1%

CGC stock opened at $0.99 on Tuesday. Canopy Growth has a 1-year low of $0.84 and a 1-year high of $2.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.34 and a quick ratio of 2.64. The company has a market capitalization of $445.82 million, a price-to-earnings ratio of -1.69 and a beta of 0.77. The business has a 50 day simple moving average of $1.06 and a two-hundred day simple moving average of $1.12.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results on Monday, June 15th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.11). Canopy Growth had a negative return on equity of 26.95% and a negative net margin of 75.27%.The business had revenue of $51.22 million during the quarter, compared to the consensus estimate of $53.43 million. Research analysts anticipate that Canopy Growth will post -0.11 EPS for the current fiscal 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.