Canopy Growth (NYSE:CGC) Stock Rating Lowered by Zacks Investment Research

Canopy Growth (NYSE:CGC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

CGC has been the topic of several other research reports. LADENBURG THALM/SH SH assumed coverage on shares of Canopy Growth in a report on Wednesday, July 17th. They set a “buy” rating and a $50.00 price objective on the stock. Bryan, Garnier & Co downgraded shares of Canopy Growth from a “buy” rating to a “neutral” rating in a report on Friday, July 5th. Seaport Global Securities downgraded shares of Canopy Growth from a “buy” rating to a “neutral” rating in a report on Monday, October 14th. Benchmark lowered their price objective on shares of Canopy Growth from $100.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Finally, Oppenheimer assumed coverage on shares of Canopy Growth in a report on Tuesday, September 17th. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $47.30.

CGC opened at $21.92 on Friday. The company has a current ratio of 10.37, a quick ratio of 9.03 and a debt-to-equity ratio of 0.13. The company’s fifty day moving average price is $23.65 and its two-hundred day moving average price is $34.97. Canopy Growth has a 1-year low of $17.89 and a 1-year high of $52.74. The company has a market cap of $7.53 billion, a price-to-earnings ratio of -13.79 and a beta of 3.77.

Canopy Growth (NYSE:CGC) last released its quarterly earnings data on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.06. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. The firm had revenue of $67.65 million for the quarter, compared to the consensus estimate of $85.97 million. As a group, equities analysts forecast that Canopy Growth will post -1 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Amundi Pioneer Asset Management Inc. increased its holdings in Canopy Growth by 6.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the marijuana producer’s stock worth $1,577,000 after buying an additional 2,296 shares during the last quarter. Valeo Financial Advisors LLC increased its holdings in Canopy Growth by 80.0% during the second quarter. Valeo Financial Advisors LLC now owns 5,792 shares of the marijuana producer’s stock worth $233,000 after buying an additional 2,575 shares during the last quarter. Exane Derivatives increased its holdings in Canopy Growth by 18.3% during the second quarter. Exane Derivatives now owns 15,745 shares of the marijuana producer’s stock worth $635,000 after buying an additional 2,438 shares during the last quarter. Fagan Associates Inc. increased its holdings in Canopy Growth by 21.2% during the second quarter. Fagan Associates Inc. now owns 12,682 shares of the marijuana producer’s stock worth $511,000 after buying an additional 2,215 shares during the last quarter. Finally, AdvisorNet Financial Inc increased its holdings in Canopy Growth by 266.0% during the second quarter. AdvisorNet Financial Inc now owns 1,153 shares of the marijuana producer’s stock worth $46,000 after buying an additional 838 shares during the last quarter. Institutional investors own 9.23% 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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