Canopy Growth Corporation (NASDAQ:CGC) Receives Average Rating of “Strong Sell” from Brokerages

Canopy Growth Corporation (NASDAQ:CGC) has received an average recommendation of “Strong Sell” from the five ratings firms that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating and two have given a hold rating to the company.

CGC has been the subject of a number of recent analyst reports. Benchmark raised Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Canopy Growth to a “hold” rating in a report on Tuesday, August 12th. Finally, Wall Street Zen raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday.

Canopy Growth Trading Up 7.3%

CGC opened at $1.17 on Monday. Canopy Growth has a 1-year low of $0.77 and a 1-year high of $4.54. The company has a current ratio of 3.07, a quick ratio of 2.12 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average price of $1.37 and a two-hundred day moving average price of $1.36. The stock has a market capitalization of $280.62 million, a PE ratio of -0.60 and a beta of 0.82.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $47.86 million during the quarter, compared to analyst estimates of $71.82 million. As a group, equities 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 purchased 27,469 shares of the stock in a transaction on Monday, September 22nd. The stock was bought at an average cost of $1.82 per share, for a total transaction of $49,993.58. Following the completion of the acquisition, the chief executive officer directly owned 812,368 shares of the company’s stock, valued at $1,478,509.76. The trade was a 3.50% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christelle Gedeon sold 16,929 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $1.74, for a total value of $29,456.46. Following the completion of the transaction, the insider owned 368,488 shares of the company’s stock, valued at $641,169.12. This represents a 4.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 50,300 shares of company stock valued at $84,373. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors and hedge funds have recently made changes to their positions in CGC. Baader Bank Aktiengesellschaft boosted its holdings in shares of Canopy Growth by 112.4% in the 3rd quarter. Baader Bank Aktiengesellschaft now owns 275,090 shares of the company’s stock valued at $402,000 after buying an additional 145,547 shares during the last quarter. Midwest Trust Co bought a new stake in Canopy Growth during the third quarter worth $31,000. AdvisorShares Investments LLC lifted its stake in Canopy Growth by 249.6% in the third quarter. AdvisorShares Investments LLC now owns 322,162 shares of the company’s stock valued at $470,000 after acquiring an additional 230,000 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in Canopy Growth by 9.8% in the third quarter. SBI Securities Co. Ltd. now owns 584,755 shares of the company’s stock valued at $854,000 after acquiring an additional 52,214 shares during the last quarter. Finally, Genesee Capital Advisors LLC grew its position in shares of Canopy Growth by 166.1% in the 3rd quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock valued at $58,000 after acquiring an additional 25,000 shares during the period. Institutional investors own 3.33% of the company’s stock.

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.