Shares of Canopy Growth Corporation (NASDAQ:CGC – Get Free Report) have been given a consensus recommendation of “Hold” by the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company.
Several analysts recently weighed in on CGC shares. Wall Street Zen downgraded Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Weiss Ratings cut Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. Finally, Canaccord Genuity Group initiated coverage on Canopy Growth in a research note on Friday, March 27th. They set a “buy” rating for the company.
Canopy Growth Stock Performance
Canopy Growth (NASDAQ:CGC – Get Free Report) last released its earnings results on Monday, June 15th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.11). Canopy Growth had a negative return on equity of 26.95% and a negative net margin of 75.27%.The business had revenue of $51.22 million for the quarter, compared to the consensus estimate of $53.43 million. As a group, research analysts predict that Canopy Growth will post -0.11 EPS for the current fiscal year.
Insider Buying and Selling
In related news, insider Christelle Gedeon sold 58,994 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $57,224.18. Following the completion of the transaction, the insider directly owned 705,506 shares in the company, valued at $684,340.82. This represents a 7.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Luc Mongeau sold 135,231 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $131,174.07. Following the completion of the transaction, the chief executive officer directly owned 1,723,913 shares of the company’s stock, valued at approximately $1,672,195.61. The trade was a 7.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 224,958 shares of company stock worth $217,137. 0.16% of the stock is currently owned by corporate insiders.
Institutional Trading of Canopy Growth
A number of hedge funds and other institutional investors have recently modified their holdings of CGC. Jones Financial Companies Lllp lifted its stake in shares of Canopy Growth by 10,308.3% in the 1st quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock valued at $882,000 after acquiring an additional 960,218 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Canopy Growth by 64.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock worth $301,000 after acquiring an additional 129,620 shares during the last quarter. Murchinson Ltd. bought a new stake in Canopy Growth during the 2nd quarter worth $183,000. Boothbay Fund Management LLC acquired a new position in Canopy Growth in the 2nd quarter worth about $30,000. Finally, Tidal Investments LLC increased its holdings in Canopy Growth by 31.5% in the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock worth $6,141,000 after purchasing an additional 1,204,530 shares in the last quarter. Institutional investors own 3.33% of the company’s stock.
Canopy Growth Company Profile
Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.
The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.
Featured Articles
- Five stocks we like better than Canopy Growth
- AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector
- Aehr Test Systems Stock Soars on Earnings, Eyes Over 150% Revenue Growth
- TSMC Just Gave AI Chip Bulls Another Reason to Stay Confident
- GE Aerospace Faces a Prove-It Moment in Q2 Earnings
Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.
