Canopy Growth (NYSE:CGC) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Canopy Growth (NYSE:CGC) from a sell rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

A number of other equities analysts have also recently commented on the company. Alliance Global Partners lifted their price target on Canopy Growth from $24.00 to $30.00 and gave the stock a neutral rating in a research note on Monday, June 1st. Canaccord Genuity reduced their target price on Canopy Growth from $23.00 to $21.00 and set a hold rating on the stock in a research note on Monday, June 1st. Stifel Nicolaus cut Canopy Growth from a buy rating to a sell rating in a research note on Monday, June 1st. Bryan, Garnier & Co cut Canopy Growth from a neutral rating to a sell rating in a research note on Monday, June 1st. Finally, CIBC cut Canopy Growth from an outperform rating to a neutral rating in a research note on Monday, June 1st. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $30.15.

Shares of Canopy Growth stock opened at $18.28 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 6.10 and a quick ratio of 5.17. The business’s 50 day simple moving average is $17.04 and its two-hundred day simple moving average is $17.39. The stock has a market capitalization of $6.78 billion, a P/E ratio of -2.75 and a beta of 2.58. Canopy Growth has a one year low of $9.00 and a one year high of $34.34.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings results on Friday, May 29th. The marijuana producer reported ($1.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.86). The company had revenue of $80.46 million during the quarter, compared to analysts’ expectations of $94.65 million. Canopy Growth had a negative return on equity of 20.66% and a negative net margin of 752.54%. Sell-side analysts expect that Canopy Growth will post -1.25 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in CGC. Steward Partners Investment Advisory LLC boosted its holdings in Canopy Growth by 192.0% in the first quarter. Steward Partners Investment Advisory LLC now owns 1,825 shares of the marijuana producer’s stock worth $26,000 after acquiring an additional 1,200 shares in the last quarter. Procyon Private Wealth Partners LLC bought a new stake in Canopy Growth in the fourth quarter worth $29,000. Modus Advisors LLC bought a new stake in Canopy Growth in the second quarter worth $30,000. Total Clarity Wealth Management Inc. bought a new stake in Canopy Growth in the fourth quarter worth $31,000. Finally, Allworth Financial LP boosted its holdings in Canopy Growth by 139.3% in the first quarter. Allworth Financial LP now owns 2,702 shares of the marijuana producer’s stock worth $39,000 after acquiring an additional 1,573 shares in the last quarter. 10.27% of the stock is currently owned by institutional investors and hedge funds.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.

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