Canopy Growth (NYSE:CGC) had its target price cut by analysts at Piper Jaffray Companies from $57.00 to $54.00 in a research note issued on Monday, The Fly reports. The brokerage presently has an “overweight” rating on the marijuana producer’s stock. Piper Jaffray Companies’ price target would suggest a potential upside of 57.85% from the stock’s previous close. Piper Jaffray Companies also issued estimates for Canopy Growth’s Q1 2020 earnings at ($0.13) EPS, Q3 2020 earnings at ($0.15) EPS, FY2020 earnings at ($0.50) EPS, Q1 2021 earnings at ($0.12) EPS, Q2 2021 earnings at ($0.09) EPS, Q3 2021 earnings at ($0.05) EPS, Q4 2021 earnings at $0.02 EPS and FY2021 earnings at ($0.23) EPS.
Several other brokerages have also recently issued reports on CGC. Bank of America set a $225.00 price target on shares of Tesla and gave the company a “sell” rating in a research note on Wednesday, July 3rd. Zacks Investment Research cut shares of Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. Seaport Global Securities began coverage on shares of Weyerhaeuser in a research note on Tuesday, April 2nd. They issued a “buy” rating for the company. GMP Securities raised shares of Canopy Growth from a “hold” rating to a “buy” rating and increased their price target for the company from $65.00 to $72.00 in a research note on Monday, April 22nd. Finally, Stifel Nicolaus reissued a “buy” rating on shares of Canopy Growth in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Canopy Growth has an average rating of “Hold” and a consensus target price of $55.34.
Shares of Canopy Growth stock traded down $2.88 during trading hours on Monday, reaching $34.21. The stock had a trading volume of 14,116,477 shares, compared to its average volume of 7,068,426. The company’s 50 day simple moving average is $41.27. The stock has a market cap of $12.83 billion, a price-to-earnings ratio of -21.52 and a beta of 3.65. Canopy Growth has a twelve month low of $24.21 and a twelve month high of $59.25. The company has a quick ratio of 11.49, a current ratio of 12.32 and a debt-to-equity ratio of 0.12.
Canopy Growth (NYSE:CGC) last released its quarterly earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%. The company had revenue of $70.74 million for the quarter, compared to analyst estimates of $71.06 million. On average, analysts forecast that Canopy Growth will post -0.82 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the business. Stone House Investment Management LLC acquired a new stake in Canopy Growth during the 1st quarter worth approximately $25,000. Ellis Investment Partners LLC acquired a new stake in Canopy Growth during the 1st quarter worth approximately $25,000. Global Retirement Partners LLC lifted its holdings in Canopy Growth by 524.0% during the 1st quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock worth $27,000 after buying an additional 524 shares in the last quarter. Private Capital Group LLC raised its holdings in shares of Canopy Growth by 221.5% in the 1st quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after purchasing an additional 443 shares in the last quarter. Finally, TCG Advisors LP acquired a new stake in shares of Canopy Growth in the 1st quarter valued at $28,000. Institutional investors own 8.05% 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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