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 issued on Saturday.

Several other analysts have also recently commented on CGC. Alliance Global Partners reiterated a “neutral” rating on shares of Canopy Growth in a research report on Saturday. Benchmark upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, January 21st. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Canopy Growth Stock Performance

NASDAQ CGC opened at $1.09 on Friday. The firm has a market capitalization of $401.62 million, a P/E ratio of -0.84 and a beta of 0.56. The stock has a 50-day simple moving average of $1.24 and a two-hundred day simple moving average of $1.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.23 and a current ratio of 5.50. Canopy Growth has a fifty-two week low of $0.77 and a fifty-two week high of $2.38.

Canopy Growth (NASDAQ:CGC) last posted its earnings results on Friday, November 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.10. The firm had revenue of $47.86 million during the quarter, compared to analysts’ expectations of $71.82 million. Canopy Growth had a negative net margin of 94.39% and a negative return on equity of 50.58%. On average, equities analysts forecast that Canopy Growth will post -2.81 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. SLT Holdings LLC acquired a new stake in shares of Canopy Growth in the 4th quarter worth $484,000. Northwestern Mutual Wealth Management Co. lifted its position in Canopy Growth by 19,571.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after purchasing an additional 2,011,917 shares during the period. PCG Wealth Advisors LLC purchased a new stake in Canopy Growth in the 4th quarter valued at approximately $32,000. Baader Bank Aktiengesellschaft increased its position in Canopy Growth by 37.0% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 376,844 shares of the company’s stock worth $430,000 after purchasing an additional 101,754 shares during the period. Finally, Midwest Trust Co raised its stake in shares of Canopy Growth by 299.5% during the 4th quarter. Midwest Trust Co now owns 84,637 shares of the company’s stock worth $96,000 after buying an additional 63,453 shares in the last quarter. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

About Canopy Growth

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.