Canopy Growth (CGC) Shares Gap Down to $47.86

Canopy Growth Corp (NYSE:CGC) shares gapped down before the market opened on Thursday . The stock had previously closed at $49.03, but opened at $47.86. Canopy Growth shares last traded at $47.14, with a volume of 5819841 shares trading hands.

A number of brokerages have commented on CGC. Zacks Investment Research downgraded Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Canaccord Genuity upgraded Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Benchmark began coverage on Canopy Growth in a research note on Tuesday, September 25th. They issued a “buy” rating on the stock. Finally, Cann began coverage on Canopy Growth in a research note on Friday. They issued a “sell” rating and a $30.00 target price on the stock. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Canopy Growth presently has a consensus rating of “Hold” and a consensus price target of $24.50.

The company has a market cap of $11.19 billion, a P/E ratio of -155.63 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.19). Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 14.86%. The firm had revenue of $20.09 million during the quarter, compared to analysts’ expectations of $21.04 million. As a group, equities analysts expect that Canopy Growth Corp will post -0.37 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of CGC. Epstein & White Financial LLC purchased a new position in Canopy Growth in the second quarter valued at about $244,000. Cornerstone Wealth Management LLC bought a new stake in shares of Canopy Growth during the 2nd quarter worth about $350,000. Creative Planning bought a new stake in shares of Canopy Growth during the 2nd quarter worth about $932,000. K.J. Harrison & Partners Inc bought a new stake in shares of Canopy Growth during the 2nd quarter worth about $639,000. Finally, TD Asset Management Inc. bought a new stake in shares of Canopy Growth during the 2nd quarter worth about $19,252,000. Hedge funds and other institutional investors own 7.12% of the company’s stock.

About Canopy Growth (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, Bedrocan Canada, CraftGrow, and Foria brand names.

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