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

Wall Street Zen downgraded shares of Canopy Growth (NASDAQ:CGC) from a hold rating to a sell rating in a research report sent to investors 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 report on Friday, October 2nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Canopy Growth presently has an average rating of “Hold”.

Canopy Growth Stock Up 0.4%

Shares of Canopy Growth stock opened at $0.72 on Friday. The company has a current ratio of 3.04, a quick ratio of 2.39 and a debt-to-equity ratio of 0.31. The business’s 50 day simple moving average is $0.93 and its 200-day simple moving average is $0.99. The stock has a market capitalization of $321.56 million, a price-to-earnings ratio of -1.59 and a beta of 0.78. Canopy Growth has a twelve month low of $0.69 and a twelve month high of $2.38.

Canopy Growth (NASDAQ:CGC) last announced its quarterly 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 return on equity of 21.91% and a negative net margin of 65.33%. The business had revenue of $142.62 million for the quarter, compared to the consensus estimate of $58.21 million. Equities research analysts forecast that Canopy Growth will post -0.10 earnings per share for the current year.

Institutional Investors Weigh In On Canopy Growth

Several large investors have recently made changes to their positions in CGC. Royal Bank of Canada raised its holdings in shares of Canopy Growth by 1,115.6% during the first quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock valued at $927,000 after buying an additional 895,680 shares during the last quarter. Lazard Asset Management LLC bought a new position in Canopy Growth in the 1st quarter worth approximately $1,716,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Canopy Growth by 723.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after buying an additional 4,037,281 shares in the last quarter. Institutional investors and hedge funds own 3.33% of the company’s stock.

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.