Shares of Canopy Growth Co. (NASDAQ:CGC) have been given an average recommendation of “Hold” by the twenty ratings firms that are currently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a sell rating, ten have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $37.50.
Several equities analysts recently issued reports on CGC shares. Zacks Investment Research lowered Canopy Growth from a “hold” rating to a “sell” rating in a research note on Thursday, February 11th. Piper Sandler lowered Canopy Growth from an “overweight” rating to a “neutral” rating and set a $27.00 price target on the stock. in a research note on Friday, February 5th. Desjardins boosted their price target on Canopy Growth from $22.00 to $55.00 and gave the company a “hold” rating in a research note on Thursday, February 11th. Bank of America started coverage on Canopy Growth in a research note on Wednesday, April 28th. They set a “buy” rating on the stock. Finally, CIBC lowered their price target on Canopy Growth from $64.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, April 5th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ETF Managers Group LLC grew its position in Canopy Growth by 12.9% during the 4th quarter. ETF Managers Group LLC now owns 2,955,631 shares of the company’s stock worth $72,827,000 after acquiring an additional 338,119 shares during the last quarter. Morgan Stanley grew its position in Canopy Growth by 4.7% during the 4th quarter. Morgan Stanley now owns 1,597,628 shares of the company’s stock worth $39,366,000 after acquiring an additional 72,340 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Canopy Growth by 0.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,078,772 shares of the company’s stock worth $33,787,000 after acquiring an additional 4,554 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in Canopy Growth during the 4th quarter worth approximately $21,249,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Canopy Growth by 18.8% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 782,121 shares of the company’s stock worth $25,106,000 after acquiring an additional 123,768 shares during the last quarter. Institutional investors and hedge funds own 10.18% of the company’s stock.
Shares of NASDAQ CGC traded up $0.09 during trading hours on Thursday, hitting $25.66. 2,906,765 shares of the company’s stock were exchanged, compared to its average volume of 5,916,073. Canopy Growth has a 1-year low of $12.95 and a 1-year high of $56.50. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.06 and a quick ratio of 5.84. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of -7.66 and a beta of 2.44. The company’s 50-day moving average price is $30.13 and its 200-day moving average price is $30.78.
Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data on Monday, February 8th. The company reported ($2.43) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($2.22). Canopy Growth had a negative return on equity of 13.11% and a negative net margin of 312.84%. The business had revenue of $153.00 million for the quarter, compared to analyst estimates of $149.94 million. During the same period in the prior year, the firm posted ($0.35) EPS. Canopy Growth’s revenue for the quarter was up 23.4% on a year-over-year basis. On average, research analysts expect that Canopy Growth will post -0.5 earnings per share for the current year.
Canopy Growth Company Profile
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.
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