Canopy Growth Corp (NYSE:CGC) Expected to Post Quarterly Sales of $84.90 Million

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Brokerages expect Canopy Growth Corp (NYSE:CGC) to post $84.90 million in sales for the current quarter, according to Zacks. Six analysts have provided estimates for Canopy Growth’s earnings. The highest sales estimate is $111.36 million and the lowest is $73.30 million. Canopy Growth posted sales of $62.85 million in the same quarter last year, which suggests a positive year over year growth rate of 35.1%. The firm is scheduled to report its next earnings results on Thursday, February 13th.

According to Zacks, analysts expect that Canopy Growth will report full year sales of $322.92 million for the current year, with estimates ranging from $290.31 million to $411.82 million. For the next year, analysts anticipate that the business will report sales of $607.64 million, with estimates ranging from $379.01 million to $852.97 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Canopy Growth.

Canopy Growth (NYSE:CGC) last posted its earnings results on Thursday, November 14th. The marijuana producer reported ($0.82) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by ($0.55). Canopy Growth had a negative net margin of 542.66% and a negative return on equity of 13.44%. The business had revenue of $58.03 million for the quarter, compared to analyst estimates of $77.10 million.

A number of brokerages have commented on CGC. Piper Jaffray Companies decreased their target price on Canopy Growth from $40.00 to $36.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Seaport Global Securities downgraded Canopy Growth from a “buy” rating to a “neutral” rating in a report on Monday, October 14th. Bank of America raised Canopy Growth from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 27th. Canaccord Genuity restated a “buy” rating on shares of Canopy Growth in a report on Friday, August 16th. Finally, MKM Partners reaffirmed a “hold” rating and issued a $23.00 price objective on shares of Canopy Growth in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company. Canopy Growth has an average rating of “Hold” and an average price target of $40.68.

NYSE CGC traded up $0.05 during trading hours on Monday, hitting $18.65. The company had a trading volume of 2,980,579 shares, compared to its average volume of 6,558,448. The firm’s 50 day moving average is $19.24 and its 200 day moving average is $29.42. The company has a debt-to-equity ratio of 0.10, a current ratio of 8.38 and a quick ratio of 7.04. Canopy Growth has a fifty-two week low of $13.81 and a fifty-two week high of $52.74. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of -11.73 and a beta of 3.60.

Hedge funds and other institutional investors have recently modified their holdings of the business. AllSquare Wealth Management LLC increased its holdings in Canopy Growth by 8.3% during the 2nd quarter. AllSquare Wealth Management LLC now owns 4,500 shares of the marijuana producer’s stock worth $182,000 after purchasing an additional 344 shares during the last quarter. Tradewinds Capital Management LLC boosted its stake in shares of Canopy Growth by 41.9% during the 2nd quarter. Tradewinds Capital Management LLC now owns 1,202 shares of the marijuana producer’s stock valued at $48,000 after buying an additional 355 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Canopy Growth by 0.5% during the 2nd quarter. Pictet Asset Management Ltd. now owns 77,571 shares of the marijuana producer’s stock valued at $3,138,000 after buying an additional 400 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Canopy Growth by 0.7% during the second quarter. Oppenheimer & Co. Inc. now owns 58,845 shares of the marijuana producer’s stock worth $2,371,000 after buying an additional 411 shares in the last quarter. Finally, Squar Milner Financial Services LLC grew its position in shares of Canopy Growth by 60.3% during the second quarter. Squar Milner Financial Services LLC now owns 1,250 shares of the marijuana producer’s stock worth $50,000 after buying an additional 470 shares in the last quarter. Hedge funds and other institutional investors own 10.15% of the company’s stock.

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, CraftGrow, and Foria brand names.

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