Brokerages Set Canopy Growth Corp (CGC) Target Price at $50.33

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Canopy Growth Corp (NYSE:CGC) has been given an average rating of “Hold” by the ten brokerages that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $49.32.

CGC has been the subject of a number of recent analyst reports. CIBC initiated coverage on shares of Canopy Growth in a report on Friday, January 18th. They issued an “outperform” rating for the company. Piper Jaffray Companies set a $60.00 target price on shares of Canopy Growth and gave the company a “buy” rating in a report on Saturday, February 2nd. GMP Securities downgraded shares of Canopy Growth from a “buy” rating to a “hold” rating in a report on Tuesday, February 19th. Finally, Seaport Global Securities initiated coverage on shares of Canopy Growth in a report on Thursday. They issued a “neutral” rating and a $46.27 target price for the company.

Canopy Growth stock traded down $0.50 during trading on Tuesday, reaching $44.54. The company had a trading volume of 7,286,740 shares, compared to its average volume of 10,999,446. Canopy Growth has a 12-month low of $18.93 and a 12-month high of $59.25. The company has a market cap of $10.34 billion, a price-to-earnings ratio of -139.19 and a beta of 4.46. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.49 and a current ratio of 17.85.

A number of institutional investors have recently added to or reduced their stakes in the stock. Gradient Investments LLC grew its holdings in Canopy Growth by 29.2% in the fourth quarter. Gradient Investments LLC now owns 1,063 shares of the marijuana producer’s stock valued at $29,000 after purchasing an additional 240 shares during the period. Focused Wealth Management Inc lifted its position in Canopy Growth by 16.3% during the fourth quarter. Focused Wealth Management Inc now owns 2,462 shares of the marijuana producer’s stock valued at $66,000 after buying an additional 345 shares in the last quarter. First Manhattan Co. lifted its position in Canopy Growth by 13.6% during the fourth quarter. First Manhattan Co. now owns 3,140 shares of the marijuana producer’s stock valued at $84,000 after buying an additional 375 shares in the last quarter. IPG Investment Advisors LLC lifted its position in Canopy Growth by 5.6% during the fourth quarter. IPG Investment Advisors LLC now owns 7,472 shares of the marijuana producer’s stock valued at $210,000 after buying an additional 395 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC lifted its position in Canopy Growth by 19.5% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 3,375 shares of the marijuana producer’s stock valued at $91,000 after buying an additional 550 shares in the last quarter. Hedge funds and other institutional investors own 13.50% of the company’s stock.

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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Analyst Recommendations for Canopy Growth (NYSE:CGC)

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