Canopy Growth (NASDAQ:CGC) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Canopy Growth (NASDAQ:CGC) from a sell rating to a hold rating in a report published on Saturday.

Several other research firms also recently issued reports on CGC. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, October 8th. Zacks Research upgraded shares of Canopy Growth to a “hold” rating in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Strong Sell”.

Canopy Growth Stock Up 7.3%

Shares of CGC opened at $1.17 on Friday. The firm has a market cap of $280.62 million, a P/E ratio of -0.60 and a beta of 0.82. Canopy Growth has a 12 month low of $0.77 and a 12 month high of $4.54. The stock’s 50 day moving average is $1.37 and its two-hundred day moving average is $1.36. The company has a current ratio of 3.07, a quick ratio of 2.12 and a debt-to-equity ratio of 0.59.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, November 7th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.10. Canopy Growth had a negative return on equity of 89.93% and a negative net margin of 155.76%.The business had revenue of $47.86 million during the quarter, compared to the consensus estimate of $71.82 million. Analysts predict that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Canopy Growth news, CEO Luc Mongeau bought 27,469 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was acquired at an average price of $1.82 per share, with a total value of $49,993.58. Following the completion of the acquisition, the chief executive officer directly owned 812,368 shares of the company’s stock, valued at $1,478,509.76. This represents a 3.50% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christelle Gedeon sold 16,929 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $1.74, for a total transaction of $29,456.46. Following the completion of the transaction, the insider directly owned 368,488 shares in the company, valued at approximately $641,169.12. This represents a 4.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 50,300 shares of company stock valued at $84,373 in the last ninety days. Insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Two Sigma Securities LLC lifted its position in Canopy Growth by 4.4% during the second quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock worth $343,000 after buying an additional 11,942 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Canopy Growth by 81.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after acquiring an additional 14,498 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Canopy Growth by 56.5% during the 1st quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock worth $47,000 after acquiring an additional 18,202 shares during the period. Midwest Trust Co acquired a new position in shares of Canopy Growth during the 3rd quarter valued at about $31,000. Finally, Genesee Capital Advisors LLC grew its holdings 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 purchasing an additional 25,000 shares during the period. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.