Zacks Investment Research Upgrades Canopy Growth (NYSE:CGC) to Buy

Zacks Investment Research upgraded shares of Canopy Growth (NYSE:CGC) from a hold rating to a buy rating in a research note issued to investors on Tuesday. They currently have $21.00 price objective on the marijuana producer’s stock.

According to Zacks, “Canopy Growth Corporation is a cannabis company. It offers dry cannabis and oil products primarily under the Tweed brand. Canopy Growth Corporation is headquartered in Smiths Falls, Canada. “

Several other equities research analysts have also issued reports on the stock. Stifel Nicolaus reissued a buy rating and issued a $44.00 price target (down previously from $50.00) on shares of Canopy Growth in a report on Friday, August 16th. Jefferies Financial Group lowered shares of Canopy Growth from a hold rating to an underperform rating and set a $25.00 price target on the stock. in a report on Friday, October 11th. Piper Jaffray Companies lowered their price target on shares of Canopy Growth from $49.00 to $40.00 and set an overweight rating on the stock in a report on Tuesday, October 1st. Bryan, Garnier & Co lowered shares of Canopy Growth from a buy rating to a neutral rating in a report on Friday, July 5th. Finally, Consumer Edge started coverage on shares of Canopy Growth in a report on Friday, June 28th. They issued an equal weight rating on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Canopy Growth presently has a consensus rating of Hold and an average target price of $47.39.

Shares of CGC stock opened at $20.21 on Tuesday. Canopy Growth has a 1 year low of $17.89 and a 1 year high of $52.74. The firm’s fifty day simple moving average is $24.04 and its 200 day simple moving average is $35.75. 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 (NYSE:CGC) last announced its quarterly earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.06. The firm had revenue of $67.65 million for the quarter, compared to analyst estimates of $85.97 million. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. On average, analysts anticipate that Canopy Growth will post -1 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in the business. Kistler Tiffany Companies LLC lifted its position in Canopy Growth by 43.0% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 1,097 shares of the marijuana producer’s stock valued at $44,000 after purchasing an additional 330 shares during the period. AllSquare Wealth Management LLC increased its stake in shares of Canopy Growth by 8.3% in the 2nd quarter. AllSquare Wealth Management LLC now owns 4,500 shares of the marijuana producer’s stock valued at $182,000 after acquiring an additional 344 shares during the last quarter. Tradewinds Capital Management LLC increased its stake in shares of Canopy Growth by 41.9% in the 2nd quarter. Tradewinds Capital Management LLC now owns 1,202 shares of the marijuana producer’s stock valued at $48,000 after acquiring an additional 355 shares during the last quarter. Pictet Asset Management Ltd. increased its stake in shares of Canopy Growth by 0.5% in the 2nd quarter. Pictet Asset Management Ltd. now owns 77,571 shares of the marijuana producer’s stock valued at $3,138,000 after acquiring an additional 400 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in shares of Canopy Growth by 0.7% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 58,845 shares of the marijuana producer’s stock valued at $2,371,000 after acquiring an additional 411 shares during the last quarter. Institutional investors own 9.27% of the company’s stock.

Canopy Growth Company Profile

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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