Canopy Growth (NYSE:CGC)‘s stock had its “hold” rating restated by investment analysts at Cantor Fitzgerald in a report issued on Monday, TipRanks reports. They presently have a $14.27 target price on the marijuana producer’s stock. Cantor Fitzgerald’s price target indicates a potential downside of 28.97% from the stock’s current price.
CGC has been the subject of several other reports. MKM Partners reaffirmed a “hold” rating and issued a $23.00 price target on shares of Canopy Growth in a research note on Thursday, December 5th. Canaccord Genuity reaffirmed a “buy” rating on shares of Canopy Growth in a research note on Friday, August 16th. 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 research note on Friday, August 16th. Seaport Global Securities downgraded shares of Canopy Growth from a “buy” rating to a “neutral” rating in a research note on Monday, October 14th. Finally, Alliance Global Partners downgraded shares of Canopy Growth from a “buy” rating to a “neutral” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Canopy Growth presently has a consensus rating of “Hold” and an average price target of $38.80.
CGC opened at $20.09 on Monday. Canopy Growth has a 1-year low of $13.81 and a 1-year high of $52.74. The company has a current ratio of 8.38, a quick ratio of 7.04 and a debt-to-equity ratio of 0.10. The company has a market cap of $7.00 billion, a P/E ratio of -12.64 and a beta of 3.60. The company has a fifty day moving average price of $19.19 and a two-hundred day moving average price of $28.91.
Canopy Growth (NYSE:CGC) last posted its quarterly earnings results on Thursday, November 14th. The marijuana producer reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.55). Canopy Growth had a negative net margin of 542.66% and a negative return on equity of 13.44%. The company had revenue of $58.03 million during the quarter, compared to the consensus estimate of $77.10 million. On average, research analysts forecast that Canopy Growth will post -1.5 EPS for the current fiscal year.
Several large investors have recently bought and sold shares of CGC. Amundi Pioneer Asset Management Inc. increased its position in shares of Canopy Growth by 6.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the marijuana producer’s stock worth $1,577,000 after acquiring an additional 2,296 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of Canopy Growth during the second quarter worth about $66,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Canopy Growth by 17.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,446 shares of the marijuana producer’s stock worth $1,677,000 after purchasing an additional 6,103 shares during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Canopy Growth by 601.8% during the second quarter. BNP Paribas Arbitrage SA now owns 2,365 shares of the marijuana producer’s stock worth $95,000 after purchasing an additional 2,028 shares during the last quarter. Finally, Coastal Capital Group Inc. purchased a new position in Canopy Growth during the second quarter worth about $26,000. 10.16% of the stock is owned by institutional investors.
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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