Canopy Growth Corporation (NASDAQ:CGC) Given Average Recommendation of “Reduce” by Brokerages

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been assigned an average recommendation of “Reduce” from the five brokerages that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating and three have issued a hold rating on the company.

Several brokerages have recently weighed in on CGC. Benchmark raised Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, November 10th. Alliance Global Partners reiterated a “neutral” rating on shares of Canopy Growth in a report on Monday, December 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. Finally, Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday, November 8th.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $1.14 on Friday. The firm has a market cap of $420.04 million, a PE ratio of -0.58 and a beta of 0.43. The firm’s fifty day moving average is $1.25 and its 200-day moving average is $1.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.23 and a current ratio of 5.50. Canopy Growth has a 52 week low of $0.77 and a 52 week high of $2.90.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, November 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.10. The business had revenue of $47.86 million during the quarter, compared to analyst estimates of $71.82 million. Canopy Growth had a negative return on equity of 61.97% and a negative net margin of 113.21%. Sell-side analysts predict that Canopy Growth will post -2.81 earnings per share for the current year.

Hedge Funds Weigh In On Canopy Growth

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Midwest Trust Co acquired a new stake in Canopy Growth during the 3rd quarter worth about $31,000. Boothbay Fund Management LLC bought a new stake in shares of Canopy Growth during the 2nd quarter valued at about $30,000. Octavia Wealth Advisors LLC acquired a new stake in Canopy Growth during the fourth quarter worth approximately $30,000. Wealth Enhancement Advisory Services LLC grew its stake in Canopy Growth by 81.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after purchasing an additional 14,498 shares during the period. Finally, Genesee Capital Advisors LLC increased its holdings in Canopy Growth by 166.1% in the third quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock worth $58,000 after purchasing an additional 25,000 shares in the last quarter. Institutional investors and hedge funds own 3.33% of the company’s stock.

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.