Canopy Growth (CGC) Now Covered by Scotiabank

Scotiabank initiated coverage on shares of Canopy Growth (NYSE:CGC) in a research report sent to investors on Wednesday, The Fly reports. The firm issued a hold rating and a $61.00 target price on the marijuana producer’s stock.

Several other equities research analysts also recently issued reports on CGC. Canaccord Genuity upgraded shares of Canopy Growth from a hold rating to a buy rating in a research note on Thursday, August 16th. Zacks Investment Research downgraded shares of Canopy Growth from a hold rating to a sell rating in a research note on Tuesday, August 28th. Benchmark initiated coverage on shares of Canopy Growth in a research note on Tuesday, September 25th. They set a buy rating for the company. Finally, Cann initiated coverage on shares of Canopy Growth in a research note on Friday, October 12th. They set a sell rating and a $30.00 price objective for the company. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $36.67.

Canopy Growth stock opened at $46.85 on Wednesday. Canopy Growth has a 1 year low of $9.46 and a 1 year high of $59.25. The company has a market capitalization of $11.25 billion, a P/E ratio of -146.41 and a beta of 3.17. The company has a quick ratio of 5.53, a current ratio of 6.84 and a debt-to-equity ratio of 0.50.

Canopy Growth (NYSE:CGC) last released its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.19). Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 12.47%. The company had revenue of $20.09 million during the quarter, compared to analysts’ expectations of $21.04 million. On average, research analysts predict that Canopy Growth will post -0.38 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Toronto Dominion Bank acquired a new position in shares of Canopy Growth during the second quarter worth $5,018,000. Sheaff Brock Investment Advisors LLC acquired a new position in shares of Canopy Growth during the second quarter worth $307,000. Cornerstone Wealth Management LLC acquired a new position in shares of Canopy Growth during the second quarter worth $350,000. First Republic Investment Management Inc. acquired a new position in shares of Canopy Growth during the second quarter worth $809,000. Finally, Commerzbank Aktiengesellschaft FI acquired a new stake in Canopy Growth in the second quarter valued at $2,752,000. 7.00% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Company Profile

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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