Traders Buy Canopy Growth (CGC) on Weakness

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Investors purchased shares of Canopy Growth Corp (NYSE:CGC) on weakness during trading hours on Tuesday. $658.06 million flowed into the stock on the tick-up and $632.63 million flowed out of the stock on the tick-down, for a money net flow of $25.43 million into the stock. Of all companies tracked, Canopy Growth had the 4th highest net in-flow for the day. Canopy Growth traded down ($3.88) for the day and closed at $53.01

CGC has been the subject of several analyst reports. Zacks Investment Research cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Tuesday, August 28th. Benchmark started coverage on shares of Canopy Growth in a research report on Tuesday, September 25th. They set a “buy” rating on the stock. Cann started coverage on shares of Canopy Growth in a research report on Friday, October 12th. They set a “sell” rating and a $30.00 target price on the stock. They noted that the move was a valuation call. Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a research report on Thursday, August 16th. Finally, Scotiabank started coverage on shares of Canopy Growth in a research report on Wednesday. They set a “hold” rating and a $61.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $36.67.

The stock has a market capitalization of $11.19 billion, a price-to-earnings ratio of -158.41 and a beta of 3.17.

Canopy Growth (NYSE:CGC) last issued its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.19). Canopy Growth had a negative return on equity of 14.86% and a negative net margin of 159.94%. The company had revenue of $20.09 million for the quarter, compared to analyst estimates of $21.04 million. On average, sell-side analysts expect that Canopy Growth Corp will post -0.37 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. First Manhattan Co. acquired a new position in Canopy Growth during the second quarter worth about $115,000. Kiley Juergens Wealth Management LLC grew its position in shares of Canopy Growth by 867.2% in the third quarter. Kiley Juergens Wealth Management LLC now owns 2,418 shares of the marijuana producer’s stock valued at $117,000 after purchasing an additional 2,168 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Canopy Growth in the second quarter valued at approximately $164,000. Thompson Davis & CO. Inc. acquired a new stake in shares of Canopy Growth in the second quarter valued at approximately $169,000. Finally, Global Financial Private Capital LLC acquired a new stake in shares of Canopy Growth in the second quarter valued at approximately $202,000. Institutional investors own 7.12% of the company’s stock.

About Canopy Growth (NYSE:CGC)

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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