Zacks Investment Research Lowers Canopy Growth (CGC) to Sell

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Zacks Investment Research lowered shares of Canopy Growth (NYSE:CGC) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

According to Zacks, “Canopy Growth Corporation is a cannabis company. It offers dry cannabis and oil products primarily under the Tweed and Bedrocan brands. Canopy Growth Corporation is headquartered in Smiths Falls, Canada. “

Other equities analysts have also issued reports about the company. Canaccord Genuity raised Canopy Growth from a hold rating to a buy rating in a research report on Thursday, August 16th. Benchmark started coverage on Canopy Growth in a research report on Tuesday, September 25th. They set a buy rating on the stock. Finally, Cann started coverage on Canopy Growth in a research report on Friday, October 12th. They set a sell rating and a $30.00 price target on the stock. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Canopy Growth currently has an average rating of Hold and a consensus price target of $36.67.

Shares of NYSE:CGC opened at $46.85 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 6.84 and a quick ratio of 5.53. Canopy Growth has a 1 year low of $9.46 and a 1 year high of $59.25. The stock has a market cap of $11.66 billion, a PE ratio of -146.28 and a beta of 3.17.

Canopy Growth (NYSE:CGC) last issued its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.19). Canopy Growth had a negative return on equity of 12.47% and a negative net margin of 159.94%. The firm had revenue of $20.09 million for the quarter, compared to analysts’ expectations of $21.04 million. As a group, sell-side analysts forecast that Canopy Growth will post -0.38 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in CGC. First Manhattan Co. acquired a new position in Canopy Growth during the 2nd quarter worth approximately $115,000. Kiley Juergens Wealth Management LLC lifted its position in Canopy Growth by 867.2% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 2,418 shares of the marijuana producer’s stock worth $117,000 after acquiring an additional 2,168 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in Canopy Growth during the 2nd quarter worth approximately $164,000. Thompson Davis & CO. Inc. acquired a new position in Canopy Growth during the 2nd quarter worth approximately $169,000. Finally, Global Financial Private Capital LLC acquired a new position in Canopy Growth during the 2nd quarter worth approximately $202,000. 7.00% of the stock is currently owned by hedge funds and other institutional investors.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.

See Also: Why do earnings reports matter?

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