Canopy Growth (NASDAQ:CGC) Raised to Moderate Buy at ATB Cormark Capital Markets

Canopy Growth (NASDAQ:CGC) was upgraded by stock analysts at ATB Cormark Capital Markets from a “strong sell” rating to a “moderate buy” rating in a report released on Tuesday,Zacks.com reports.

A number of other research firms also recently weighed in on CGC. Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a research note on Saturday, February 7th. Wall Street Zen cut Canopy Growth from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Canopy Growth Trading Up 4.9%

CGC opened at $1.07 on Tuesday. The firm has a 50 day simple moving average of $1.13 and a 200 day simple moving average of $1.25. Canopy Growth has a fifty-two week low of $0.77 and a fifty-two week high of $2.38. The company has a market cap of $432.41 million, a price-to-earnings ratio of -0.82 and a beta of 0.57. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.34 and a quick ratio of 4.26.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, February 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). Canopy Growth had a negative net margin of 94.39% and a negative return on equity of 46.85%. The business had revenue of $90.39 million during the quarter, compared to the consensus estimate of $70.96 million. On average, sell-side analysts anticipate that Canopy Growth will post -2.81 earnings per share for the current year.

Institutional Investors Weigh In On Canopy Growth

Several hedge funds have recently bought and sold shares of CGC. Tidal Investments LLC boosted its position in shares of Canopy Growth by 31.5% during the second 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 in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of 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 valued at $5,239,000 after buying an additional 4,037,281 shares in the last quarter. Millennium Management LLC raised its stake in Canopy Growth by 196.9% during the 3rd quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after buying an additional 2,080,994 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake 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 worth $2,305,000 after buying an additional 2,011,917 shares during the period. Finally, Two Sigma Investments LP bought a new position in Canopy Growth during the third quarter worth about $1,767,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

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.