Canopy Growth (NASDAQ:CGC) Cut to Sell at Wall Street Zen
by Michael Walen · The Markets DailyWall Street Zen lowered shares of Canopy Growth (NASDAQ:CGC – Free Report) from a hold rating to a sell rating in a research report sent to investors on Sunday.
Several other analysts have also recently issued reports on the company. Canaccord Genuity Group started coverage on Canopy Growth in a research note on Friday, March 27th. They issued a “buy” rating on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, January 21st. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a report on Tuesday, March 17th. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Canopy Growth currently has a consensus rating of “Hold”.
Get Our Latest Report on Canopy Growth
Canopy Growth Stock Up 10.8%
Shares of NASDAQ:CGC opened at $0.95 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.34 and a quick ratio of 4.26. The firm has a market capitalization of $383.59 million, a PE ratio of -0.73 and a beta of 0.57. The firm’s 50-day moving average is $1.08 and its two-hundred day moving average is $1.21. Canopy Growth has a 1 year low of $0.77 and a 1 year high of $2.38.
Canopy Growth (NASDAQ:CGC – Get Free Report) last posted its quarterly earnings data on Friday, February 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Canopy Growth had a negative net margin of 94.39% and a negative return on equity of 46.85%. The business had revenue of $90.39 million during the quarter, compared to analysts’ expectations of $70.96 million. Analysts predict that Canopy Growth will post -2.81 EPS for the current year.
Institutional Investors Weigh In On Canopy Growth
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can grew its stake in shares of Canopy Growth by 122.7% during the fourth quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock worth $29,000 after purchasing an additional 135,970 shares in the last quarter. Octavia Wealth Advisors LLC acquired a new stake in Canopy Growth in the fourth quarter valued at $30,000. Boothbay Fund Management LLC acquired a new stake in Canopy Growth in the second quarter valued at $30,000. Midwest Trust Co purchased a new stake in Canopy Growth during the 3rd quarter worth about $31,000. Finally, PCG Wealth Advisors LLC acquired a new position in shares of Canopy Growth during the 4th quarter worth about $32,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.
About Canopy Growth
Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.
The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.