Canopy Growth (NASDAQ:CGC) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Canopy Growth (NASDAQ:CGC) from a hold rating to a sell rating in a report released on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings raised Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 26th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Canopy Growth currently has an average rating of “Hold”.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $0.97 on Friday. The stock’s 50-day moving average price is $0.97 and its two-hundred day moving average price is $1.02. The company has a current ratio of 3.04, a quick ratio of 2.39 and a debt-to-equity ratio of 0.31. Canopy Growth has a 12-month low of $0.84 and a 12-month high of $2.38. The firm has a market cap of $437.03 million, a price-to-earnings ratio of -2.16 and a beta of 0.83.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. The business had revenue of $142.62 million for the quarter, compared to analysts’ expectations of $58.21 million. On average, research analysts forecast that Canopy Growth will post -0.1 EPS for the current year.

Insider Activity

In other news, insider Christelle Gedeon sold 58,994 shares of Canopy Growth stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value of $57,224.18. Following the completion of the transaction, the insider owned 705,506 shares in the company, valued at approximately $684,340.82. This trade represents a 7.72% decrease in their position. The sale 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 business’s 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 completion of the sale, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at $1,672,195.61. This trade represents a 7.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 240,533 shares of company stock valued at $240,032 in the last three months. Insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Canopy Growth

A number of hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC lifted its holdings in shares of Canopy Growth by 31.5% in the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock worth $6,141,000 after purchasing an additional 1,204,530 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Canopy Growth by 723.5% in the fourth 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 last quarter. Millennium Management LLC grew its position in shares of Canopy Growth by 196.9% during the third quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after acquiring an additional 2,080,994 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Canopy Growth by 19,571.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock worth $2,305,000 after acquiring an additional 2,011,917 shares during the period. Finally, Lazard Asset Management LLC bought a new stake in Canopy Growth in the 1st quarter valued at about $1,716,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

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.