Canopy Growth (NASDAQ:CGC) Stock Rating Upgraded by Benchmark

Canopy Growth (NASDAQ:CGC) was upgraded by Benchmark from a “sell” rating to a “hold” rating in a report released on Monday,Benzinga reports.

Several other brokerages have also recently issued reports on CGC. Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Research raised shares of Canopy Growth to a “hold” rating in a research note on Tuesday, August 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Strong Sell”.

Canopy Growth Price Performance

Shares of CGC opened at $1.17 on Monday. The company has a quick ratio of 2.12, a current ratio of 3.07 and a debt-to-equity ratio of 0.59. The stock has a market cap of $280.62 million, a PE ratio of -0.60 and a beta of 0.82. Canopy Growth has a 12-month low of $0.77 and a 12-month high of $4.54. The business has a 50-day simple moving average of $1.37 and a two-hundred day simple moving average of $1.36.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.10. Canopy Growth had a negative return on equity of 68.53% and a negative net margin of 113.21%.The company had revenue of $47.86 million for the quarter, compared to analysts’ expectations of $71.82 million. Analysts anticipate that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Insider Transactions at Canopy Growth

In other Canopy Growth news, CEO Luc Mongeau bought 27,469 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The shares were bought at an average price of $1.82 per share, for a total transaction of $49,993.58. Following the transaction, the chief executive officer directly owned 812,368 shares in the company, valued at approximately $1,478,509.76. This trade represents a 3.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christelle Gedeon sold 16,929 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $1.74, for a total value of $29,456.46. Following the sale, the insider directly owned 368,488 shares of the company’s stock, valued at $641,169.12. This represents a 4.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 50,300 shares of company stock valued at $84,373. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Canopy Growth

A number of institutional investors and hedge funds have recently modified their holdings of CGC. Midwest Trust Co acquired a new stake in shares of Canopy Growth during the 3rd quarter worth approximately $31,000. Boothbay Fund Management LLC acquired a new position in shares of Canopy Growth during the 2nd quarter valued at $30,000. Wealth Enhancement Advisory Services LLC boosted its stake in Canopy Growth by 81.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after acquiring an additional 14,498 shares in the last quarter. Genesee Capital Advisors LLC grew its holdings in Canopy Growth by 166.1% in the third quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock worth $58,000 after purchasing an additional 25,000 shares during the period. Finally, Mackenzie Financial Corp increased its stake in Canopy Growth by 56.5% in the first quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock valued at $47,000 after purchasing an additional 18,202 shares in the last quarter. 3.33% of the stock is currently owned by institutional investors.

About Canopy Growth

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.