Canopy Growth Corporation (NASDAQ:CGC) Given Consensus Recommendation of “Hold” by Brokerages

Canopy Growth Corporation (NASDAQ:CGC) has received an average rating of “Hold” from the seven ratings firms that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company.

CGC has been the subject of several analyst reports. Canaccord Genuity Group initiated coverage on shares of Canopy Growth in a report on Friday, March 27th. They issued a “buy” rating for the company. ATB Cormark Capital Markets raised shares of Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a report on Tuesday, March 17th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a report on Saturday, February 7th. Wall Street Zen downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Sunday, March 29th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, January 21st.

Institutional Trading of Canopy Growth

Institutional investors and hedge funds have recently bought and sold shares of the company. Midwest Trust Co purchased a new stake in Canopy Growth in the 3rd quarter worth approximately $31,000. Boothbay Fund Management LLC purchased a new stake in Canopy Growth in the 2nd quarter worth approximately $30,000. Bank of Montreal Can lifted its stake in Canopy Growth by 122.7% in the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock worth $29,000 after purchasing an additional 135,970 shares in the last quarter. Octavia Wealth Advisors LLC purchased a new stake in Canopy Growth in the 4th quarter worth approximately $30,000. Finally, PCG Wealth Advisors LLC purchased a new stake in Canopy Growth in the 4th quarter worth approximately $32,000. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

Canopy Growth Stock Up 5.5%

Canopy Growth stock opened at $1.15 on Thursday. Canopy Growth has a twelve month low of $0.84 and a twelve month high of $2.38. The firm has a 50 day moving average price of $1.05 and a 200-day moving average price of $1.19. The company has a market capitalization of $464.74 million, a P/E ratio of -0.88 and a beta of 0.60. The company has a quick ratio of 4.26, a current ratio of 5.34 and a debt-to-equity ratio of 0.30.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, February 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The business had revenue of $90.39 million during the quarter, compared to the consensus estimate of $70.96 million. Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%. As a group, equities analysts predict that Canopy Growth will post -2.81 EPS for the current year.

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.