Equities analysts forecast that Canopy Growth Corp (NYSE:CGC) will report sales of $85.12 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Canopy Growth’s earnings, with the lowest sales estimate coming in at $68.31 million and the highest estimate coming in at $104.25 million. Canopy Growth posted sales of $17.85 million in the same quarter last year, which suggests a positive year-over-year growth rate of 376.9%. The firm is scheduled to issue its next earnings results on Wednesday, November 13th.
According to Zacks, analysts expect that Canopy Growth will report full-year sales of $414.96 million for the current fiscal year, with estimates ranging from $293.98 million to $481.50 million. For the next financial year, analysts forecast that the company will post sales of $802.75 million, with estimates ranging from $360.09 million to $1.07 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that cover Canopy Growth.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.06. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. The firm had revenue of $67.65 million during the quarter, compared to the consensus estimate of $85.97 million.
CGC has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Canopy Growth from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. Jefferies Financial Group downgraded shares of Canopy Growth from a “hold” rating to an “underperform” rating and set a $25.00 price objective for the company. in a research note on Friday, October 11th. Desjardins reissued a “hold” rating on shares of Canopy Growth in a research note on Friday, August 16th. TheStreet downgraded shares of Canopy Growth from a “c-” rating to a “d+” rating in a research note on Wednesday, October 9th. Finally, Canaccord Genuity reissued a “buy” rating on shares of Canopy Growth in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $47.03.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Canopy Growth by 2.6% during the second quarter. Vanguard Group Inc. now owns 4,983,838 shares of the marijuana producer’s stock worth $200,899,000 after buying an additional 125,275 shares during the period. ETF Managers Group LLC acquired a new stake in shares of Canopy Growth during the second quarter worth $82,823,000. Morgan Stanley lifted its stake in shares of Canopy Growth by 4.2% during the second quarter. Morgan Stanley now owns 2,043,350 shares of the marijuana producer’s stock worth $82,368,000 after buying an additional 82,122 shares during the period. TD Asset Management Inc. lifted its stake in shares of Canopy Growth by 3.8% during the second quarter. TD Asset Management Inc. now owns 792,827 shares of the marijuana producer’s stock worth $32,077,000 after buying an additional 29,224 shares during the period. Finally, Swiss National Bank lifted its stake in shares of Canopy Growth by 5.2% during the second quarter. Swiss National Bank now owns 759,400 shares of the marijuana producer’s stock worth $30,657,000 after buying an additional 37,500 shares during the period. 9.23% of the stock is currently owned by institutional investors and hedge funds.
NYSE CGC traded up $0.80 during trading on Thursday, hitting $21.15. The stock had a trading volume of 3,751,227 shares, compared to its average volume of 6,279,154. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.03 and a current ratio of 10.37. The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of -13.30 and a beta of 3.77. Canopy Growth has a one year low of $17.89 and a one year high of $52.74. The stock has a 50 day simple moving average of $23.78 and a 200 day simple moving average of $35.29.
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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