Canopy Growth Corporation (NASDAQ:CGC) Stock Rated “Hold” by Wall Street Brokerages

Canopy Growth Corporation (NASDAQ:CGC) has received an average rating of “Hold” from the five brokerages that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company.

CGC has been the topic of several recent research reports. Weiss Ratings raised shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. Wall Street Zen raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, September 26th.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors and hedge funds have recently modified their holdings of CGC. Royal Bank of Canada boosted its stake in shares of Canopy Growth by 1,115.6% during the 1st quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock worth $927,000 after acquiring an additional 895,680 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Canopy Growth during the first quarter worth $1,716,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Canopy Growth by 723.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after purchasing an additional 4,037,281 shares during the period. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Trading Up 1.0%

Shares of Canopy Growth stock opened at $0.88 on Thursday. The business has a fifty day simple moving average of $0.96 and a 200-day simple moving average of $1.00. Canopy Growth has a fifty-two week low of $0.84 and a fifty-two week high of $2.38. The firm has a market cap of $397.41 million, a price-to-earnings ratio of -1.97 and a beta of 0.78. The company has a quick ratio of 2.39, a current ratio of 3.04 and a debt-to-equity ratio of 0.31.

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 analysts’ consensus estimates of ($0.04) by $0.02. Canopy Growth had a negative return on equity of 21.91% and a negative net margin of 65.33%.The firm had revenue of $142.62 million for the quarter, compared to analyst estimates of $58.21 million. On average, equities analysts forecast that Canopy Growth will post -0.1 EPS for the current fiscal year.

About Canopy Growth

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and became one of Canada’s early large-scale licensed cannabis producers.

Canopy Growth develops, produces, distributes and sells cannabis products for the Canadian medical and adult-use markets. Its offerings include dried flower, pre-rolls, oils, softgels, vapes, beverages and edibles marketed under brands such as Tweed, 7ACRES, DOJA and Deep Space.