Canopy Growth (NASDAQ:CGC) Stock Price Down 6.7%

Canopy Growth Co. (NASDAQ:CGC)’s stock price was down 6.7% during mid-day trading on Thursday . The company traded as low as $8.71 and last traded at $8.91. Approximately 6,779,964 shares were traded during trading, a decline of 4% from the average daily volume of 7,065,947 shares. The stock had previously closed at $9.55.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CGC. Sanford C. Bernstein lifted their target price on Canopy Growth to $5.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler cut their target price on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a research note on Monday, February 12th.

Canopy Growth Stock Down 7.0 %

The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79. The stock has a 50 day moving average price of $4.14 and a 200 day moving average price of $5.65. The company has a market cap of $809.06 million, a P/E ratio of -0.59 and a beta of 1.19.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The firm had revenue of $57.67 million during the quarter, compared to the consensus estimate of $53.25 million. Research analysts expect that Canopy Growth Co. will post -5.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors and hedge funds have recently modified their holdings of CGC. Envestnet Asset Management Inc. raised its position in shares of Canopy Growth by 66.8% during the first quarter. Envestnet Asset Management Inc. now owns 21,989 shares of the company’s stock worth $167,000 after purchasing an additional 8,809 shares during the period. JPMorgan Chase & Co. raised its position in shares of Canopy Growth by 9.4% during the first quarter. JPMorgan Chase & Co. now owns 822,433 shares of the company’s stock worth $6,233,000 after purchasing an additional 70,929 shares during the period. Bank of New York Mellon Corp raised its position in shares of Canopy Growth by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 241,342 shares of the company’s stock worth $1,829,000 after purchasing an additional 2,621 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Canopy Growth by 53.5% during the first quarter. Oppenheimer & Co. Inc. now owns 20,296 shares of the company’s stock worth $154,000 after purchasing an additional 7,076 shares during the period. Finally, Citigroup Inc. grew its holdings in shares of Canopy Growth by 20.7% during the first quarter. Citigroup Inc. now owns 151,056 shares of the company’s stock valued at $1,146,000 after buying an additional 25,878 shares in the last quarter. 3.33% of the stock is owned by institutional investors and hedge funds.

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 Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.