Canopy Growth (CGC) Raised to Buy at Canaccord Genuity

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Canaccord Genuity upgraded shares of Canopy Growth (NYSE:CGC) from a hold rating to a buy rating in a report published on Thursday morning, Marketbeat Ratings reports.

Separately, ValuEngine upgraded shares of Canopy Growth from a hold rating to a buy rating in a research note on Wednesday, May 2nd.

Shares of Canopy Growth stock opened at $33.75 on Thursday. The firm has a market cap of $6.23 billion, a PE ratio of -105.47 and a beta of 1.87. Canopy Growth has a 1-year low of $6.64 and a 1-year high of $36.55. The company has a debt-to-equity ratio of 0.01, a quick ratio of 9.10 and a current ratio of 12.80.

Canopy Growth (NYSE:CGC) last issued its quarterly earnings results on Wednesday, June 27th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.23). The business had revenue of $22.80 million for the quarter, compared to analysts’ expectations of $24.19 million. Canopy Growth had a negative return on equity of 7.79% and a negative net margin of 84.88%. The company’s revenue was up 55.1% on a year-over-year basis. equities analysts expect that Canopy Growth will post -0.18 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the company. Sheaff Brock Investment Advisors LLC purchased a new position in shares of Canopy Growth during the 2nd quarter worth $307,000. QCI Asset Management Inc. NY purchased a new position in shares of Canopy Growth during the 2nd quarter valued at $13,573,000. K.J. Harrison & Partners Inc purchased a new position in shares of Canopy Growth during the 2nd quarter valued at $639,000. TD Asset Management Inc. purchased a new position in shares of Canopy Growth during the 2nd quarter valued at $19,252,000. Finally, Thompson Davis & CO. Inc. purchased a new position in shares of Canopy Growth during the 2nd quarter valued at $169,000. Institutional investors and hedge funds own 1.40% 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, Bedrocan Canada, CraftGrow, and Foria brand names.

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