Canopy Growth Corp (NYSE:CGC) gapped down prior to trading on Monday . The stock had previously closed at $18.86, but opened at $19.43. Canopy Growth shares last traded at $18.86, with a volume of 7,481,701 shares.
A number of research analysts have issued reports on CGC shares. LADENBURG THALM/SH SH started coverage on shares of Canopy Growth in a report on Wednesday, July 17th. They issued a “buy” rating and a $50.00 price target for the company. Piper Jaffray Companies decreased their price target on shares of Canopy Growth from $49.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Oppenheimer started coverage on shares of Canopy Growth in a report on Tuesday, September 17th. They issued a “market perform” rating for the company. TheStreet cut shares of Canopy Growth from a “c-” rating to a “d+” rating in a report on Wednesday, October 9th. Finally, Benchmark decreased their price target on shares of Canopy Growth from $100.00 to $60.00 and set a “buy” rating for the company in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $50.53.
The company has a debt-to-equity ratio of 0.13, a current ratio of 10.37 and a quick ratio of 9.03. The company’s fifty day moving average is $24.39 and its 200-day moving average is $36.21. The stock has a market cap of $6.56 billion, a PE ratio of -11.86 and a beta of 3.77.
Canopy Growth (NYSE:CGC) last issued its earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 analysts’ expectations of $85.97 million. Analysts expect that Canopy Growth Corp will post -2.09 EPS for the current year.
Several institutional investors have recently modified their holdings of CGC. ETF Managers Group LLC purchased a new position in shares of Canopy Growth during the second quarter worth $82,823,000. Thoroughbred Financial Services LLC increased its holdings in Canopy Growth by 4,147.9% in the second quarter. Thoroughbred Financial Services LLC now owns 481,583 shares of the marijuana producer’s stock valued at $48,158,000 after buying an additional 470,246 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Canopy Growth in the second quarter valued at $15,111,000. Bank of Nova Scotia increased its holdings in Canopy Growth by 216.3% in the second quarter. Bank of Nova Scotia now owns 507,950 shares of the marijuana producer’s stock valued at $19,995,000 after buying an additional 347,347 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Canopy Growth by 66.2% in the second quarter. JPMorgan Chase & Co. now owns 601,365 shares of the marijuana producer’s stock valued at $24,452,000 after buying an additional 239,617 shares in the last quarter. 9.27% of the stock is owned by hedge funds and other institutional investors.
About Canopy Growth (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, CraftGrow, and Foria brand names.
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