Canopy Growth Corp (NYSE:CGC)’s share price gapped up before the market opened on Monday . The stock had previously closed at $43.21, but opened at $42.29. Canopy Growth shares last traded at $40.64, with a volume of 2977674 shares changing hands.
Several equities analysts have recently weighed in on CGC shares. Piper Jaffray Companies started coverage on shares of Canopy Growth in a research note on Wednesday, January 9th. They set an “overweight” rating and a $40.00 price target for the company. Zacks Investment Research cut Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, April 9th. TheStreet raised Canopy Growth from a “d+” rating to a “c” rating in a research note on Friday, March 1st. Seaport Global Securities reaffirmed a “hold” rating on shares of Canopy Growth in a research note on Tuesday, April 2nd. Finally, Jefferies Financial Group started coverage on Canopy Growth in a research note on Monday, February 25th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $54.32.
The company has a market capitalization of $13.41 billion, a PE ratio of -127.25 and a beta of 4.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 17.85 and a quick ratio of 17.12.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.52). Canopy Growth had a negative return on equity of 14.39% and a negative net margin of 267.40%. The firm had revenue of $62.85 million during the quarter, compared to the consensus estimate of $66.09 million. On average, equities analysts anticipate that Canopy Growth Corp will post -1.33 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Stone House Investment Management LLC purchased a new stake in shares of Canopy Growth during the 1st quarter valued at approximately $25,000. North Star Investment Management Corp. bought a new stake in Canopy Growth in the 4th quarter valued at $26,000. Cypress Capital Management LLC WY bought a new stake in Canopy Growth in the 4th quarter valued at $27,000. Next Capital Management LLC bought a new stake in shares of Canopy Growth in the 4th quarter worth about $27,000. Finally, Gradient Investments LLC grew its holdings in shares of Canopy Growth by 29.2% in the 4th quarter. Gradient Investments LLC now owns 1,063 shares of the marijuana producer’s stock worth $29,000 after purchasing an additional 240 shares during the last quarter. 8.53% of the stock is currently owned by institutional investors.
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Canopy Growth Company Profile (NYSE:CGC)
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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