Shares of Canopy Growth Corp (NYSE:CGC) have earned an average recommendation of “Hold” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $45.50.
A number of equities analysts have commented on CGC shares. Zacks Investment Research lowered Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Benchmark started coverage on Canopy Growth in a research note on Tuesday, September 25th. They issued a “buy” rating on the stock. Cann started coverage on Canopy Growth in a research note on Friday, October 12th. They issued a “sell” rating and a $30.00 price objective on the stock. They noted that the move was a valuation call. Canaccord Genuity raised Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Finally, Scotiabank started coverage on Canopy Growth in a research note on Wednesday. They issued a “hold” rating and a $61.00 price objective on the stock.
Several institutional investors and hedge funds have recently modified their holdings of CGC. First Manhattan Co. acquired a new position in shares of Canopy Growth during the second quarter valued at $115,000. Kiley Juergens Wealth Management LLC lifted its stake in shares of Canopy Growth by 867.2% during the third quarter. Kiley Juergens Wealth Management LLC now owns 2,418 shares of the marijuana producer’s stock valued at $117,000 after acquiring an additional 2,168 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Canopy Growth during the second quarter valued at $164,000. Thompson Davis & CO. Inc. acquired a new position in shares of Canopy Growth during the second quarter valued at $169,000. Finally, Global Financial Private Capital LLC acquired a new position in shares of Canopy Growth during the second quarter valued at $202,000. 7.12% of the stock is currently owned by institutional investors and hedge funds.
Canopy Growth stock traded down $1.94 on Wednesday, reaching $51.07. The company’s stock had a trading volume of 804,364 shares, compared to its average volume of 5,106,352. The firm has a market cap of $11.19 billion, a P/E ratio of -160.75 and a beta of 3.17. Canopy Growth has a twelve month low of $9.37 and a twelve month high of $59.25.
Canopy Growth (NYSE:CGC) last posted its quarterly earnings data on Tuesday, August 14th. The marijuana producer reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.19). The business had revenue of $20.09 million during the quarter, compared to analyst estimates of $21.04 million. Canopy Growth had a negative return on equity of 14.86% and a negative net margin of 159.94%. As a group, equities analysts forecast that Canopy Growth will post -0.37 EPS for the current year.
About Canopy Growth
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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