Canopy Growth (NYSE:CGC) Cut to “Underperform” at Jefferies Financial Group

Jefferies Financial Group lowered shares of Canopy Growth (NYSE:CGC) from a hold rating to an underperform rating in a research report sent to investors on Friday, BenzingaRatingsTable reports. Jefferies Financial Group also issued estimates for Canopy Growth’s Q2 2020 earnings at ($0.25) EPS, Q3 2020 earnings at ($0.23) EPS and Q4 2020 earnings at ($0.20) EPS.

Several other analysts have also weighed in on CGC. TheStreet lowered shares of Canopy Growth from a c- rating to a d+ rating in a research note on Wednesday. Oppenheimer initiated coverage on shares of Canopy Growth in a research note on Tuesday, September 17th. They set a market perform rating for the company. Stifel Nicolaus reiterated a buy rating and set a $44.00 target price (down previously from $50.00) on shares of Canopy Growth in a research note on Friday, August 16th. Piper Jaffray Companies lowered their target price on shares of Canopy Growth from $49.00 to $40.00 and set an overweight rating for the company in a research note on Tuesday, October 1st. Finally, Zacks Investment Research downgraded shares of Canopy Growth from a buy rating to a hold rating in a report on Wednesday, June 26th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. Canopy Growth presently has a consensus rating of Hold and an average target price of $50.94.

CGC stock traded down $0.99 during trading on Friday, hitting $19.43. 10,757,361 shares of the company’s stock traded hands, compared to its average volume of 4,316,657. The company has a quick ratio of 9.03, a current ratio of 10.37 and a debt-to-equity ratio of 0.13. Canopy Growth has a 52 week low of $20.42 and a 52 week high of $59.25. The stock has a fifty day moving average price of $24.74 and a two-hundred day moving average price of $36.58. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of -12.22 and a beta of 3.77.

Canopy Growth (NYSE:CGC) last released its earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.06. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. The firm had revenue of $67.65 million during the quarter, compared to analyst estimates of $85.97 million. As a group, equities research analysts expect that Canopy Growth will post -2.09 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Kistler Tiffany Companies LLC lifted its holdings in Canopy Growth by 43.0% in the second quarter. Kistler Tiffany Companies LLC now owns 1,097 shares of the marijuana producer’s stock worth $44,000 after purchasing an additional 330 shares during the period. AllSquare Wealth Management LLC lifted its holdings in Canopy Growth by 8.3% in the second quarter. AllSquare Wealth Management LLC now owns 4,500 shares of the marijuana producer’s stock worth $182,000 after purchasing an additional 344 shares during the period. Tradewinds Capital Management LLC lifted its holdings in Canopy Growth by 41.9% in the second quarter. Tradewinds Capital Management LLC now owns 1,202 shares of the marijuana producer’s stock worth $48,000 after purchasing an additional 355 shares during the period. Pictet Asset Management Ltd. lifted its holdings in Canopy Growth by 0.5% in the second quarter. Pictet Asset Management Ltd. now owns 77,571 shares of the marijuana producer’s stock worth $3,138,000 after purchasing an additional 400 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its holdings in Canopy Growth by 0.7% in the second quarter. Oppenheimer & Co. Inc. now owns 58,845 shares of the marijuana producer’s stock worth $2,371,000 after purchasing an additional 411 shares during the period. 9.27% 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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Analyst Recommendations for Canopy Growth (NYSE:CGC)

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