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

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

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

Canopy Growth Price Performance

Shares of CGC opened at $1.07 on Tuesday. The stock has a 50 day simple moving average of $1.13 and a 200 day simple moving average of $1.25. Canopy Growth has a 52-week low of $0.77 and a 52-week high of $2.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34. The firm has a market capitalization of $432.41 million, a PE ratio of -0.82 and a beta of 0.57.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, February 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%.The company had revenue of $90.39 million for the quarter, compared to analyst estimates of $70.96 million. Sell-side analysts predict that Canopy Growth will post -2.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

A number of large investors have recently bought and sold shares of the company. Bank of Montreal Can grew its stake in shares of Canopy Growth by 122.7% during the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock worth $29,000 after acquiring an additional 135,970 shares in the last quarter. Octavia Wealth Advisors LLC bought a new stake in shares of Canopy Growth in the fourth quarter worth $30,000. Boothbay Fund Management LLC acquired a new position in Canopy Growth during the second quarter worth $30,000. Midwest Trust Co acquired a new position in Canopy Growth during the third quarter worth $31,000. Finally, PCG Wealth Advisors LLC bought a new position in Canopy Growth in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

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.