Canopy Growth Co. (NASDAQ:CGC) – Equities researchers at Piper Sandler cut their Q1 2022 earnings per share (EPS) estimates for shares of Canopy Growth in a research note issued to investors on Wednesday, July 7th. Piper Sandler analyst M. Lavery now forecasts that the company will post earnings of ($0.13) per share for the quarter, down from their previous forecast of ($0.08). Piper Sandler currently has a “Neutral” rating and a $24.00 target price on the stock. Piper Sandler also issued estimates for Canopy Growth’s Q2 2022 earnings at ($0.10) EPS, Q3 2022 earnings at ($0.07) EPS, Q4 2022 earnings at ($0.06) EPS, FY2022 earnings at ($0.37) EPS, Q1 2023 earnings at ($0.02) EPS, Q2 2023 earnings at ($0.02) EPS, Q3 2023 earnings at ($0.01) EPS and FY2023 earnings at ($0.04) EPS. Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Monday, May 31st. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($1.67). Canopy Growth had a negative net margin of 311.30% and a negative return on equity of 18.67%. The firm had revenue of $167.40 million for the quarter, compared to analysts’ expectations of $149.97 million. During the same period in the prior year, the firm earned ($3.72) EPS. Canopy Growth’s revenue for the quarter was up 45.4% compared to the same quarter last year.
Several other equities analysts also recently commented on the stock. CIBC lowered their target price on shares of Canopy Growth from C$38.00 to C$36.00 and set a “neutral” rating on the stock in a report on Wednesday, June 2nd. Bank of America began coverage on shares of Canopy Growth in a research report on Wednesday, April 28th. They issued a “buy” rating on the stock. Canaccord Genuity upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Tuesday, June 1st. TheStreet cut shares of Canopy Growth from a “c-” rating to a “d” rating in a research report on Tuesday, June 1st. Finally, Zacks Investment Research cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Wednesday, July 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $31.11.
CGC stock opened at $22.15 on Monday. Canopy Growth has a one year low of $13.83 and a one year high of $56.50. The stock has a fifty day moving average of $24.13. The company has a debt-to-equity ratio of 0.45, a current ratio of 9.98 and a quick ratio of 8.69. The stock has a market capitalization of $8.70 billion, a P/E ratio of -6.14 and a beta of 2.10.
A number of large investors have recently added to or reduced their stakes in CGC. Piscataqua Savings Bank purchased a new stake in Canopy Growth in the first quarter worth about $25,000. SOA Wealth Advisors LLC. purchased a new stake in Canopy Growth in the fourth quarter worth about $30,000. Rockbridge Investment Management LCC lifted its stake in Canopy Growth by 485.7% in the first quarter. Rockbridge Investment Management LCC now owns 1,025 shares of the company’s stock worth $33,000 after acquiring an additional 850 shares during the period. Capital Advisory Group Advisory Services LLC purchased a new stake in Canopy Growth in the fourth quarter worth about $41,000. Finally, BDO Wealth Advisors LLC lifted its position in shares of Canopy Growth by 223.3% during the first quarter. BDO Wealth Advisors LLC now owns 1,455 shares of the company’s stock valued at $47,000 after buying an additional 1,005 shares during the last quarter. 12.69% of the stock is owned by institutional investors.
Canopy Growth Company Profile
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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