Other research analysts also recently issued reports about the company. Alliance Global Partners reissued a “neutral” rating and issued a $32.00 price objective (down from $40.00) on shares of Canopy Growth in a research note on Tuesday, June 1st. Canaccord Genuity raised Canopy Growth from a “sell” rating to a “hold” rating in a research note on Tuesday, June 1st. Eight Capital raised Canopy Growth from a “sell” rating to a “neutral” rating in a research note on Wednesday, June 2nd. MKM Partners raised Canopy Growth from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Tuesday, May 25th. Finally, Cantor Fitzgerald cut their target price on Canopy Growth from $62.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, April 9th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $31.41.
Shares of CGC stock traded down $0.68 during trading hours on Wednesday, hitting $22.20. 3,183,354 shares of the company’s stock were exchanged, compared to its average volume of 5,055,952. The company has a current ratio of 9.98, a quick ratio of 8.69 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $8.72 billion, a price-to-earnings ratio of -6.15 and a beta of 2.10. The business’s 50 day moving average price is $24.34. Canopy Growth has a fifty-two week low of $13.83 and a fifty-two week high of $56.50.
Canopy Growth (NASDAQ:CGC) last announced its earnings results on Monday, May 31st. The company reported ($1.85) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($1.67). The business had revenue of $167.40 million for the quarter, compared to analyst estimates of $149.97 million. Canopy Growth had a negative return on equity of 18.67% and a negative net margin of 311.30%. The company’s quarterly revenue was up 45.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($3.72) earnings per share. On average, equities analysts predict that Canopy Growth will post -0.58 earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DAVENPORT & Co LLC grew its holdings in shares of Canopy Growth by 55.1% during the 1st quarter. DAVENPORT & Co LLC now owns 55,930 shares of the company’s stock worth $1,791,000 after purchasing an additional 19,860 shares during the period. MAI Capital Management purchased a new position in shares of Canopy Growth during the 1st quarter worth $536,000. Captrust Financial Advisors grew its holdings in shares of Canopy Growth by 60.8% during the 4th quarter. Captrust Financial Advisors now owns 12,443 shares of the company’s stock worth $306,000 after purchasing an additional 4,706 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Canopy Growth by 28.0% during the 1st quarter. JPMorgan Chase & Co. now owns 830,937 shares of the company’s stock worth $26,615,000 after purchasing an additional 181,599 shares during the period. Finally, Lincoln National Corp grew its holdings in shares of Canopy Growth by 6.7% during the 1st quarter. Lincoln National Corp now owns 20,553 shares of the company’s stock worth $658,000 after purchasing an additional 1,283 shares during the period. Institutional investors and hedge funds own 12.69% of the company’s stock.
About Canopy Growth
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.
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