Canopy Growth Corp (NYSE:CGC) has earned a consensus recommendation of “Hold” from the six analysts that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $45.50.
Several research firms have issued reports on CGC. Zacks Investment Research lowered Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Benchmark began coverage on Canopy Growth in a research note on Tuesday, September 25th. They issued a “buy” rating on the stock. Scotiabank began coverage on Canopy Growth in a research note on Wednesday, October 17th. They issued a “hold” rating and a $61.00 target price on the stock. Cann began coverage on Canopy Growth in a research note on Friday, October 12th. They issued a “sell” rating and a $30.00 target price on the stock. They noted that the move was a valuation call. Finally, Canaccord Genuity upgraded Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th.
Shares of Canopy Growth stock opened at $31.45 on Thursday. The firm has a market cap of $7.30 billion, a PE ratio of -98.28 and a beta of 3.55. Canopy Growth has a 12 month low of $14.12 and a 12 month high of $59.25.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings results on Wednesday, November 14th. The marijuana producer reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.64). Canopy Growth had a negative net margin of 503.14% and a negative return on equity of 26.32%. The firm had revenue of $23.30 million for the quarter, compared to analysts’ expectations of $59.10 million. The business’s quarterly revenue was up 32.4% compared to the same quarter last year. As a group, analysts forecast that Canopy Growth will post -0.88 EPS for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of CGC. Vanguard Group Inc. boosted its holdings in Canopy Growth by 4.4% in the third quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock worth $209,658,000 after acquiring an additional 180,130 shares in the last quarter. Morgan Stanley boosted its holdings in Canopy Growth by 243.3% in the third quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after acquiring an additional 2,937,286 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Canopy Growth by 234.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,802,260 shares of the marijuana producer’s stock worth $87,492,000 after acquiring an additional 1,263,825 shares in the last quarter. Macquarie Group Ltd. acquired a new stake in Canopy Growth in the third quarter worth about $66,202,000. Finally, JW Asset Management LLC acquired a new stake in Canopy Growth in the second quarter worth about $37,819,000. Institutional investors own 11.97% of the company’s stock.
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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