Canopy Growth (NASDAQ:CGC) Shares Gap Down to $9.03

Canopy Growth Co. (NASDAQ:CGC)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $9.03, but opened at $8.73. Canopy Growth shares last traded at $8.87, with a volume of 2,130,920 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CGC. Sanford C. Bernstein boosted their price objective on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler dropped their target price on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a research report on Monday, February 12th.

Canopy Growth Price Performance

The stock’s 50-day moving average is $5.67 and its 200-day moving average is $5.46. The firm has a market cap of $838.30 million, a P/E ratio of -0.60 and a beta of 1.39. The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The company had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. As a group, equities analysts anticipate that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

Institutional investors and hedge funds have recently bought and sold shares of the business. PCG Wealth Advisors LLC increased its holdings in Canopy Growth by 73.6% in the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock valued at $271,000 after buying an additional 13,300 shares during the period. Genesee Capital Advisors LLC increased its holdings in Canopy Growth by 29.9% in the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock valued at $113,000 after buying an additional 3,000 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after buying an additional 28,666 shares during the period. Commonwealth Equity Services LLC increased its holdings in Canopy Growth by 83.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock valued at $426,000 after buying an additional 247,407 shares during the period. Finally, TD Asset Management Inc increased its holdings in Canopy Growth by 26.2% in the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock valued at $298,000 after buying an additional 79,639 shares during the period. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Company Profile

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.