Canopy Growth (NASDAQ:CGC) Trading 8% Higher – What’s Next?

by · The Markets Daily

Canopy Growth Corporation (NASDAQ:CGC – Get Free Report)’s stock price traded up 8% during trading on Tuesday . The stock traded as high as $1.42 and last traded at $1.4250. 21,628,384 shares changed hands during mid-day trading, an increase of 24% from the average session volume of 17,377,711 shares. The stock had previously closed at $1.32.

Analyst Ratings Changes

A number of brokerages have weighed in on CGC. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, October 8th. Wall Street Zen raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Benchmark upgraded Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a report on Monday, December 15th. Three investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

View Our Latest Research Report on CGC

Canopy Growth Stock Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 5.50 and a quick ratio of 4.23. The company has a fifty day moving average price of $1.26 and a 200 day moving average price of $1.31. The stock has a market cap of $484.52 million, a P/E ratio of -0.67 and a beta of 0.40.

Canopy Growth (NASDAQ:CGC – Get Free Report) last released its earnings results on Friday, November 7th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.10. Canopy Growth had a negative return on equity of 61.97% and a negative net margin of 113.21%.The company had revenue of $47.86 million for the quarter, compared to analysts’ expectations of $71.82 million. On average, equities analysts expect that Canopy Growth Corporation will post -2.81 EPS for the current year.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Boothbay Fund Management LLC purchased a new position in Canopy Growth in the 2nd quarter worth approximately $30,000. Midwest Trust Co purchased a new position in shares of Canopy Growth in the third quarter worth $31,000. Wealth Enhancement Advisory Services LLC raised its holdings in Canopy Growth by 81.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock valued at $41,000 after buying an additional 14,498 shares during the last quarter. Genesee Capital Advisors LLC increased its position in shares of Canopy Growth by 166.1% in the third quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock valued at $58,000 after acquiring an additional 25,000 shares during the period. Finally, Insigneo Advisory Services LLC boosted its holdings in shares of Canopy Growth by 168.7% during the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock worth $63,000 after purchasing an additional 27,000 shares during the period. 3.33% of the stock is owned by hedge funds and other institutional investors.

Canopy Growth Company Profile

(Get Free Report)

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.

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