Canopy Growth Corp (NYSE:CGC) shares were down 8.5% on Thursday . The stock traded as low as $26.27 and last traded at $26.34, approximately 5,683,199 shares changed hands during trading. A decline of 11% from the average daily volume of 6,376,605 shares. The stock had previously closed at $28.79.
Several equities research analysts have recently weighed in on CGC shares. Compass Point started coverage on Canopy Growth in a research report on Monday, June 10th. They set a “neutral” rating and a $43.76 price target on the stock. Bank of America set a $53.00 price target on Canopy Growth and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Piper Jaffray Companies decreased their price target on Canopy Growth from $54.00 to $49.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Zacks Investment Research cut Canopy Growth from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. Finally, MKM Partners started coverage on Canopy Growth in a research report on Thursday. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company’s stock. Canopy Growth presently has an average rating of “Hold” and a consensus target price of $53.86.
The company has a quick ratio of 9.03, a current ratio of 10.37 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average is $27.92 and its two-hundred day moving average is $38.97. The company has a market capitalization of $8.89 billion, a P/E ratio of -16.08 and a beta of 3.79.
Hedge funds and other institutional investors have recently modified their holdings of the business. Coastal Capital Group Inc. purchased a new stake in shares of Canopy Growth in the 2nd quarter valued at about $26,000. TCG Advisors LP acquired a new position in Canopy Growth in the 1st quarter valued at about $28,000. LLBH Private Wealth Management LLC acquired a new position in Canopy Growth in the 2nd quarter valued at about $34,000. Manchester Financial Inc. acquired a new position in Canopy Growth in the 2nd quarter valued at about $35,000. Finally, Huntington National Bank increased its position in Canopy Growth by 199.7% in the 2nd quarter. Huntington National Bank now owns 899 shares of the marijuana producer’s stock valued at $36,000 after acquiring an additional 599 shares during the period. Institutional investors and hedge funds own 9.27% of the company’s stock.
Canopy Growth Company Profile (NYSE:CGC)
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, CraftGrow, and Foria brand names.
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