Canopy Growth Corp (NYSE:CGC) was the recipient of a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 21,997,984 shares, a decrease of 20.1% from the January 15th total of 27,527,254 shares. Based on an average daily volume of 12,007,458 shares, the short-interest ratio is currently 1.8 days.
Several analysts have recently commented on the company. Piper Jaffray Companies started coverage on Canopy Growth in a report on Wednesday, January 9th. They issued an “overweight” rating and a $40.00 price target for the company. CIBC started coverage on shares of Canopy Growth in a report on Friday, January 18th. They issued an “outperform” rating for the company. Finally, Scotiabank started coverage on Canopy Growth in a report on Wednesday, October 17th. They issued a “hold” rating and a $61.00 price objective for the company. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $50.33.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley grew its holdings in Canopy Growth by 243.3% in the third quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after purchasing an additional 2,937,286 shares during the period. ETF Managers Group LLC purchased a new position in shares of Canopy Growth in the fourth quarter valued at $40,644,000. Macquarie Group Ltd. purchased a new stake in shares of Canopy Growth during the third quarter valued at $66,202,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Canopy Growth by 234.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,802,260 shares of the marijuana producer’s stock worth $87,492,000 after purchasing an additional 1,263,825 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new stake in Canopy Growth in the third quarter valued at approximately $20,127,000. 12.83% of the stock is currently owned by institutional investors.
CGC opened at $46.05 on Thursday. Canopy Growth has a 52 week low of $18.93 and a 52 week high of $59.25. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of -143.91 and a beta of 4.46.
Canopy Growth (NYSE:CGC) last released its quarterly earnings data on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.64). The firm had revenue of $23.30 million during the quarter, compared to the consensus estimate of $59.10 million. Canopy Growth had a negative net margin of 503.14% and a negative return on equity of 26.32%. The business’s quarterly revenue was up 32.4% compared to the same quarter last year. Equities analysts forecast that Canopy Growth will post -1.13 earnings per share for the current fiscal year.
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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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