Canopy Growth Corporation (NASDAQ:CGC) Receives Average Rating of “Hold” from Analysts

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been assigned an average rating of “Hold” from the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company.

CGC has been the subject of a number of recent research reports. Wall Street Zen downgraded Canopy Growth from a “hold” rating to a “sell” rating in a research note on Sunday, March 29th. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday, March 17th. Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a research note on Saturday, February 7th. Canaccord Genuity Group initiated coverage on Canopy Growth in a research note on Friday, March 27th. They set a “buy” rating for the company. Finally, Weiss Ratings upgraded Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 4th.

Canopy Growth Price Performance

NASDAQ CGC opened at $1.11 on Monday. Canopy Growth has a one year low of $0.84 and a one year high of $2.38. The stock has a 50-day moving average of $1.07 and a 200 day moving average of $1.16. The company has a market capitalization of $448.57 million, a price-to-earnings ratio of -0.85 and a beta of 0.78. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, February 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The business had revenue of $90.39 million during the quarter, compared to the consensus estimate of $70.96 million. Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%. On average, sell-side analysts forecast that Canopy Growth will post -0.36 EPS for the current year.

Institutional Investors Weigh In On Canopy Growth

Large investors have recently made changes to their positions in the company. Midwest Trust Co bought a new position in shares of Canopy Growth during the 3rd quarter valued at approximately $31,000. Boothbay Fund Management LLC bought a new position in shares of Canopy Growth during the 2nd quarter valued at approximately $30,000. 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 valued at $29,000 after acquiring an additional 135,970 shares during the period. Octavia Wealth Advisors LLC bought a new position in shares of Canopy Growth during the 4th quarter valued at approximately $30,000. Finally, PCG Wealth Advisors LLC bought a new position in shares of Canopy Growth during the 4th quarter valued at approximately $32,000. 3.33% of the stock is currently owned by institutional investors.

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.