Canopy Growth (CGC) PT Set at $80.00 by Piper Jaffray Companies
Piper Jaffray Companies set a $80.00 price target on Canopy Growth (NYSE:CGC) in a report issued on Friday morning, TipRanks reports. The brokerage currently has a buy rating on the marijuana producer’s stock.
Other equities research analysts have also recently issued research reports about the company. TheStreet raised Canopy Growth from a d+ rating to a c rating in a report on Friday, March 1st. Seaport Global Securities reissued a hold rating on shares of Canopy Growth in a report on Tuesday, April 2nd. GMP Securities cut Canopy Growth from a buy rating to a hold rating in a report on Tuesday, February 19th. Jefferies Financial Group assumed coverage on Canopy Growth in a report on Monday, February 25th. They set a hold rating on the stock. Finally, CIBC assumed coverage on Canopy Growth in a report on Friday, January 18th. They set an outperform rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Canopy Growth has a consensus rating of Hold and an average price target of $54.32.
CGC opened at $40.73 on Friday. The company has a market cap of $13.41 billion, a PE ratio of -127.28 and a beta of 4.22. The company has a current ratio of 17.85, a quick ratio of 17.12 and a debt-to-equity ratio of 0.10. Canopy Growth has a twelve month low of $20.99 and a twelve month high of $59.25.
A number of large investors have recently made changes to their positions in the stock. Flagship Harbor Advisors LLC raised its holdings in Canopy Growth by 102.2% during the first quarter. Flagship Harbor Advisors LLC now owns 13,111 shares of the marijuana producer’s stock worth $568,000 after purchasing an additional 6,628 shares in the last quarter. American Asset Management Inc. bought a new stake in Canopy Growth during the first quarter worth approximately $239,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Canopy Growth in the first quarter valued at $218,000. Stone House Investment Management LLC bought a new position in shares of Canopy Growth in the first quarter valued at $25,000. Finally, Traynor Capital Management Inc. bought a new position in shares of Canopy Growth in the first quarter valued at $380,000. 8.53% of the stock is currently owned by hedge funds and other institutional investors.
Canopy Growth Company Profile
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.
Further Reading: Net Asset Value
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