Canopy Growth Co. (NASDAQ:CGC) Given Average Recommendation of “Reduce” by Brokerages

Canopy Growth Co. (NASDAQ:CGCGet Free Report) has received a consensus recommendation of “Reduce” from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $11.65.

A number of equities research analysts have recently issued reports on the stock. Sanford C. Bernstein upped their target price on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st. Piper Sandler lowered their target price on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research note on Monday.

Read Our Latest Stock Analysis on Canopy Growth

Institutional Trading of Canopy Growth

Several hedge funds have recently added to or reduced their stakes in CGC. Lord Abbett & CO. LLC purchased a new position in shares of Canopy Growth during the third quarter worth approximately $18,140,000. Vanguard Group Inc. boosted its position in shares of Canopy Growth by 26.3% in the 3rd quarter. Vanguard Group Inc. now owns 10,233,037 shares of the company’s stock worth $27,936,000 after buying an additional 2,133,358 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Canopy Growth by 65.7% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,827,613 shares of the company’s stock worth $1,861,000 after buying an additional 1,914,181 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in Canopy Growth by 148.4% in the 3rd quarter. Two Sigma Advisers LP now owns 2,874,400 shares of the company’s stock valued at $7,847,000 after purchasing an additional 1,717,300 shares in the last quarter. Finally, HRT Financial LP lifted its holdings in Canopy Growth by 2,989.7% in the 1st quarter. HRT Financial LP now owns 1,036,372 shares of the company’s stock valued at $1,813,000 after purchasing an additional 1,002,829 shares in the last quarter. Institutional investors and hedge funds own 12.80% of the company’s stock.

Canopy Growth Stock Performance

Shares of CGC traded down $0.21 during trading hours on Monday, hitting $3.81. The stock had a trading volume of 4,390,297 shares, compared to its average volume of 2,913,387. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.07 and a current ratio of 2.52. The firm has a 50-day moving average price of $5.03 and a 200 day moving average price of $5.87. Canopy Growth has a fifty-two week low of $3.46 and a fifty-two week high of $25.40. The firm has a market capitalization of $347.05 million, a price-to-earnings ratio of -0.25 and a beta of 1.27.

Canopy Growth (NASDAQ:CGCGet Free Report) last posted its quarterly earnings data on Thursday, November 9th. The company reported ($1.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.60). Canopy Growth had a negative return on equity of 67.61% and a negative net margin of 326.75%. The company had revenue of $51.88 million for the quarter, compared to analyst estimates of $67.17 million. As a group, research analysts anticipate that Canopy Growth will post -3.56 EPS for the current year.

Canopy Growth Company Profile

(Get Free Report

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.

Recommended Stories

Analyst Recommendations for Canopy Growth (NASDAQ:CGC)

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.