Canopy Growth (NYSE:CGC) Downgraded to “Sell” at Zacks Investment Research

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Canopy Growth (NYSE:CGC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Canopy Growth Corporation is a cannabis company. It offers dry cannabis and oil products primarily under the Tweed and Bedrocan brands. Canopy Growth Corporation is headquartered in Smiths Falls, Canada. “

A number of other equities analysts have also recently issued reports on the stock. Compass Point assumed coverage on shares of Canopy Growth in a research note on Monday. They issued a “neutral” rating and a $43.76 price target on the stock. Bank of America set a $80.00 price target on shares of Canopy Growth and gave the stock a “buy” rating in a research note on Friday, June 7th. Stifel Nicolaus assumed coverage on shares of Canopy Growth in a research note on Wednesday, June 5th. They issued a “buy” rating and a $40.83 price target on the stock. Alliance Global Partners assumed coverage on shares of Canopy Growth in a research note on Monday, May 13th. They issued a “buy” rating on the stock. Finally, Desjardins assumed coverage on shares of Canopy Growth in a research note on Thursday, April 25th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $62.38.

Shares of Canopy Growth stock opened at $42.84 on Tuesday. The stock has a market capitalization of $14.53 billion, a P/E ratio of -133.88 and a beta of 4.13. Canopy Growth has a 1 year low of $24.21 and a 1 year high of $59.25. The company has a current ratio of 17.85, a quick ratio of 17.12 and a debt-to-equity ratio of 0.10.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Tradewinds Capital Management LLC lifted its stake in Canopy Growth by 36.2% during the 1st quarter. Tradewinds Capital Management LLC now owns 847 shares of the marijuana producer’s stock valued at $37,000 after acquiring an additional 225 shares during the period. Wealthcare Advisory Partners LLC lifted its stake in Canopy Growth by 15.9% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 1,906 shares of the marijuana producer’s stock valued at $83,000 after acquiring an additional 261 shares during the period. IPG Investment Advisors LLC increased its position in shares of Canopy Growth by 4.0% during the 1st quarter. IPG Investment Advisors LLC now owns 7,772 shares of the marijuana producer’s stock valued at $336,000 after purchasing an additional 300 shares during the last quarter. Hudock Capital Group LLC increased its position in shares of Canopy Growth by 99.5% during the 1st quarter. Hudock Capital Group LLC now owns 868 shares of the marijuana producer’s stock valued at $37,000 after purchasing an additional 433 shares during the last quarter. Finally, Private Capital Group LLC increased its position in shares of Canopy Growth by 221.5% during the 1st quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after purchasing an additional 443 shares during the last quarter. Institutional investors and hedge funds own 8.03% 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, CraftGrow, and Foria brand names.

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