Canopy Growth Corp (NYSE:CGC) has earned an average broker rating score of 1.80 (Buy) from the five brokers that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation, two have issued a buy recommendation and two have assigned a strong buy recommendation to the company. Canopy Growth’s rating score has improved by 34.5% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.
Brokers have set a twelve-month consensus target price of $47.58 for the company and are forecasting that the company will post ($0.09) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Canopy Growth an industry rank of 143 out of 255 based on the ratings given to related companies.
A number of brokerages recently weighed in on CGC. Cann began coverage on shares of Canopy Growth in a research report on Friday. They set a “sell” rating and a $30.00 price objective on the stock. They noted that the move was a valuation call. Benchmark began coverage on shares of Canopy Growth in a research report on Tuesday, September 25th. They set a “buy” rating on the stock. Zacks Investment Research upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Friday, September 21st. Finally, Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a research report on Thursday, August 16th.
A number of hedge funds have recently made changes to their positions in CGC. JW Asset Management LLC purchased a new stake in Canopy Growth during the second quarter valued at approximately $37,819,000. Morgan Stanley purchased a new stake in Canopy Growth during the second quarter valued at approximately $35,365,000. TD Asset Management Inc. purchased a new stake in Canopy Growth during the second quarter valued at approximately $19,252,000. Indus Capital Partners LLC purchased a new stake in Canopy Growth during the second quarter valued at approximately $19,226,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Canopy Growth during the second quarter valued at approximately $15,726,000. 7.12% of the stock is owned by institutional investors and hedge funds.
Canopy Growth stock traded up $2.66 during midday trading on Wednesday, reaching $49.80. 7,969,538 shares of the company traded hands, compared to its average volume of 4,847,216. The company has a market cap of $11.19 billion, a price-to-earnings ratio of -155.63 and a beta of 3.17. Canopy Growth has a 12 month low of $9.37 and a 12 month high of $56.60.
Canopy Growth (NYSE:CGC) last issued its quarterly earnings data on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.19). The company had revenue of $20.09 million for the quarter, compared to the consensus estimate of $21.04 million. Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 14.86%. As a group, equities research analysts predict that Canopy Growth will post -0.37 earnings per share for the current fiscal year.
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, Bedrocan Canada, CraftGrow, and Foria brand names.
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