Canopy Growth Corporation (NASDAQ:CGC) Given Average Rating of “Hold” by Analysts

Shares of Canopy Growth Corporation (NASDAQ:CGC) have earned an average recommendation of “Hold” from the six analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have given a buy recommendation to the company.

Several equities analysts have recently issued reports on the stock. Canaccord Genuity Group initiated coverage on shares of Canopy Growth in a research note on Friday, March 27th. They set a “buy” rating for the company. Wall Street Zen cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Sunday, March 29th. Finally, Weiss Ratings downgraded Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday.

Insider Transactions at Canopy Growth

In other Canopy Growth news, CEO Luc Mongeau sold 135,231 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value of $131,174.07. Following the sale, the chief executive officer owned 1,723,913 shares in the company, valued at approximately $1,672,195.61. The trade was a 7.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Christelle Gedeon sold 58,994 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total value of $57,224.18. Following the completion of the sale, the insider directly owned 705,506 shares of the company’s stock, valued at approximately $684,340.82. The trade was a 7.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 224,958 shares of company stock worth $217,137 in the last quarter. Corporate insiders own 0.16% of the company’s stock.

Institutional Trading of Canopy Growth

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd increased its position in shares of Canopy Growth by 723.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after buying an additional 4,037,281 shares during the period. Millennium Management LLC lifted its holdings in Canopy Growth by 196.9% in the third quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock valued at $4,579,000 after buying an additional 2,080,994 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Canopy Growth by 19,571.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after acquiring an additional 2,011,917 shares during the last quarter. Lazard Asset Management LLC bought a new stake in Canopy Growth during the first quarter valued at $1,716,000. Finally, Two Sigma Investments LP acquired a new stake in Canopy Growth during the 3rd quarter worth about $1,767,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Stock Up 1.4%

Shares of NASDAQ CGC opened at $0.94 on Friday. The company has a 50 day simple moving average of $1.00 and a 200 day simple moving average of $1.07. The firm has a market cap of $421.47 million, a PE ratio of -1.59 and a beta of 0.79. Canopy Growth has a 1 year low of $0.84 and a 1 year high of $2.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.34 and a quick ratio of 2.64.

Canopy Growth (NASDAQ:CGC) last posted its earnings results on Monday, June 15th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Canopy Growth had a negative return on equity of 26.95% and a negative net margin of 75.27%.The business had revenue of $51.22 million for the quarter, compared to the consensus estimate of $53.43 million. On average, research analysts forecast that Canopy Growth will post -0.11 EPS for the current year.

About Canopy Growth

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.