Wall Street Zen cut shares of Canopy Growth (NASDAQ:CGC – Free Report) from a hold rating to a sell rating in a report published on Saturday,Wall Street Zen reports.
Separately, Weiss Ratings raised shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 26th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold”.
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Canopy Growth Price Performance
Canopy Growth (NASDAQ:CGC – Get Free Report) last released its earnings results on Friday, August 7th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Canopy Growth had a negative return on equity of 21.91% and a negative net margin of 65.33%.The firm had revenue of $142.62 million during the quarter, compared to the consensus estimate of $58.21 million. As a group, equities analysts predict that Canopy Growth will post -0.1 earnings per share for the current fiscal year.
Insider Buying and Selling at Canopy Growth
In other Canopy Growth news, insider Christelle Gedeon sold 58,994 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value of $57,224.18. Following the sale, the insider owned 705,506 shares of the company’s stock, valued at approximately $684,340.82. This trade represents a 7.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Luc Mongeau sold 135,231 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total value of $131,174.07. Following the completion of the sale, the chief executive officer directly owned 1,723,913 shares in the company, valued at approximately $1,672,195.61. This represents a 7.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 240,533 shares of company stock valued at $240,032 over the last 90 days. Corporate insiders own 0.35% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Two Sigma Securities LLC lifted its holdings in shares of Canopy Growth by 4.4% in the second quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock worth $343,000 after acquiring an additional 11,942 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Canopy Growth by 23.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company’s stock valued at $84,000 after purchasing an additional 13,814 shares in the last quarter. Boothbay Fund Management LLC bought a new stake in shares of Canopy Growth during the 2nd quarter valued at approximately $30,000. Mackenzie Financial Corp grew its holdings in shares of Canopy Growth by 33.1% during the 3rd quarter. Mackenzie Financial Corp now owns 111,945 shares of the company’s stock valued at $163,000 after purchasing an additional 27,823 shares during the last quarter. Finally, PCG Wealth Advisors LLC acquired a new position in Canopy Growth during the 4th quarter worth approximately $32,000. 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.
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