Research analysts at Evercore ISI assumed coverage on shares of Canopy Growth (NYSE:CGC) in a note issued to investors on Wednesday, Benzinga reports. The brokerage set an “outperform” rating and a $107.57 price target on the marijuana producer’s stock. Evercore ISI’s target price suggests a potential upside of 156.98% from the company’s current price.
CGC has been the topic of several other reports. Bank of America began coverage on Canopy Growth in a research note on Wednesday, April 17th. They issued a “buy” rating on the stock. GMP Securities upgraded Canopy Growth from a “hold” rating to a “buy” rating and increased their price objective for the company from $65.00 to $72.00 in a research note on Monday, April 22nd. Zacks Investment Research upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. TheStreet upgraded Canopy Growth from a “d+” rating to a “c” rating in a research note on Friday, March 1st. Finally, Piper Jaffray Companies set a $60.00 price target on Canopy Growth and gave the company a “buy” rating in a research note on Friday, February 15th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. Canopy Growth presently has an average rating of “Buy” and a consensus target price of $62.38.
Shares of NYSE CGC opened at $41.86 on Wednesday. The firm has a market capitalization of $14.76 billion, a PE ratio of -130.81 and a beta of 4.15. The company has a debt-to-equity ratio of 0.10, a quick ratio of 17.12 and a current ratio of 17.85. Canopy Growth has a 12-month low of $24.21 and a 12-month high of $59.25.
A number of institutional investors have recently bought and sold shares of CGC. Bank of New York Mellon Corp purchased a new position in shares of Canopy Growth during the third quarter worth about $246,000. SG Americas Securities LLC purchased a new position in shares of Canopy Growth during the fourth quarter worth about $125,000. Janney Montgomery Scott LLC grew its holdings in shares of Canopy Growth by 255.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 35,680 shares of the marijuana producer’s stock worth $959,000 after purchasing an additional 25,636 shares during the last quarter. M&T Bank Corp purchased a new position in shares of Canopy Growth during the fourth quarter worth about $344,000. Finally, BB&T Securities LLC grew its holdings in shares of Canopy Growth by 103.6% during the fourth quarter. BB&T Securities LLC now owns 9,976 shares of the marijuana producer’s stock worth $268,000 after purchasing an additional 5,075 shares during the last quarter. Institutional investors own 8.03% 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, CraftGrow, and Foria brand names.
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