Canopy Growth (NASDAQ:CGC) Stock Price Up 2.9%

Canopy Growth Co. (NASDAQ:CGCGet Rating)’s share price rose 2.9% on Friday . The stock traded as high as $2.80 and last traded at $2.80. Approximately 626,373 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 8,342,616 shares. The stock had previously closed at $2.72.

Wall Street Analysts Forecast Growth

CGC has been the subject of several analyst reports. CIBC dropped their price target on shares of Canopy Growth from C$6.50 to C$5.00 in a research note on Tuesday, May 31st. Cfra reaffirmed a “hold” rating and set a $10.00 price objective on shares of Canopy Growth in a research report on Friday, May 27th. Piper Sandler lowered their price objective on shares of Canopy Growth from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Monday, August 8th. BMO Capital Markets cut shares of Canopy Growth from a “market perform” rating to an “underperform” rating in a research report on Wednesday, June 8th. Finally, Bank of America lowered their price objective on shares of Canopy Growth from $3.00 to $2.33 and set an “underperform” rating for the company in a research report on Tuesday, July 5th. Ten analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $8.51.

Canopy Growth Price Performance

The company has a quick ratio of 3.43, a current ratio of 3.94 and a debt-to-equity ratio of 0.77. The business’s 50-day moving average is $3.22 and its two-hundred day moving average is $4.57.

Canopy Growth (NASDAQ:CGCGet Rating) last announced its quarterly earnings results on Friday, August 5th. The company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.50). Canopy Growth had a negative net margin of 558.27% and a negative return on equity of 25.21%. The company had revenue of $122.90 million during the quarter, compared to analysts’ expectations of $113.45 million. During the same period last year, the firm earned ($0.13) earnings per share. Canopy Growth’s revenue was down 9.8% on a year-over-year basis. As a group, sell-side analysts predict that Canopy Growth Co. will post -0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CGC. ExodusPoint Capital Management LP acquired a new position in shares of Canopy Growth during the second quarter worth about $50,000. First Republic Investment Management Inc. purchased a new stake in shares of Canopy Growth in the second quarter valued at about $31,000. Creative Planning lifted its holdings in shares of Canopy Growth by 245.6% in the second quarter. Creative Planning now owns 126,338 shares of the company’s stock valued at $360,000 after purchasing an additional 89,782 shares in the last quarter. Kestra Private Wealth Services LLC purchased a new stake in shares of Canopy Growth in the second quarter valued at about $101,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Canopy Growth in the second quarter valued at about $122,000. 10.02% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Company Profile

(Get Rating)

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.

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