Research analysts at Evercore ISI initiated coverage on shares of Canopy Growth (NYSE:CGC) in a report released on Wednesday, June 12th, Stock Target Advisor reports. The brokerage set an “outperform” rating and a $107.57 price target on the marijuana producer’s stock. Evercore ISI’s target price indicates a potential upside of 214.44% from the company’s previous close.
Several other analysts have also commented on the stock. Stifel Nicolaus cut their target price on shares of MacroGenics from $36.00 to $29.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Jefferies Financial Group began coverage on shares of in a research report on Monday, February 25th. They issued a “buy” rating for the company. Alliance Global Partners set a C$75.00 price target on shares of Canopy Growth and gave the company a “buy” rating in a research report on Monday, May 13th. GMP Securities upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating and increased their price target for the stock from $65.00 to $72.00 in a research note on Monday, April 22nd. Finally, Desjardins reissued a “buy” rating on shares of Horizons Enhcd Inc Eqy Cl E Unt Etf in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $55.34.
CGC stock traded down $2.88 on Wednesday, hitting $34.21. 14,116,477 shares of the company’s stock traded hands, compared to its average volume of 7,068,426. Canopy Growth has a 1-year low of $24.21 and a 1-year high of $59.25. The firm has a market cap of $12.83 billion, a PE ratio of -21.52 and a beta of 3.65. The stock’s fifty day moving average is $41.27. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.49 and a current ratio of 12.32.
Canopy Growth (NYSE:CGC) last released its earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative net margin of 304.03% and a negative return on equity of 15.82%. The business had revenue of $70.74 million for the quarter, compared to analyst estimates of $71.06 million. On average, equities analysts expect that Canopy Growth will post -0.82 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the company. Stone House Investment Management LLC acquired a new position in shares of Canopy Growth in the first quarter valued at approximately $25,000. Ellis Investment Partners LLC acquired a new stake in Canopy Growth during the 1st quarter valued at approximately $25,000. Cypress Capital Management LLC WY acquired a new stake in Canopy Growth during the 4th quarter valued at approximately $27,000. Next Capital Management LLC acquired a new stake in Canopy Growth during the 4th quarter valued at approximately $27,000. Finally, Global Retirement Partners LLC increased its position in Canopy Growth by 524.0% during the 1st quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock valued at $27,000 after purchasing an additional 524 shares during the period. 8.05% of the stock is owned by institutional investors.
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, CraftGrow, and Foria brand names.
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