Canopy Growth Corporation (NASDAQ:CGC) Receives Consensus Recommendation of “Reduce” from Brokerages

Canopy Growth Corporation (NASDAQ:CGC) has earned an average recommendation of “Reduce” from the five ratings firms that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company.

A number of research firms have recently issued reports on CGC. Benchmark upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Monday, November 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. Wall Street Zen lowered Canopy Growth from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Finally, Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th.

Canopy Growth Price Performance

Shares of NASDAQ CGC opened at $1.19 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34. Canopy Growth has a one year low of $0.77 and a one year high of $2.38. The firm has a market capitalization of $480.90 million, a P/E ratio of -0.92 and a beta of 0.56. The company’s fifty day moving average is $1.23 and its two-hundred day moving average is $1.29.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, February 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). The company had revenue of $90.39 million during the quarter, compared to analysts’ expectations of $70.96 million. Canopy Growth had a negative net margin of 94.39% and a negative return on equity of 46.85%. Analysts forecast that Canopy Growth will post -2.81 EPS for the current fiscal year.

Institutional Trading of Canopy Growth

Several institutional investors and hedge funds have recently modified their holdings of CGC. Two Sigma Securities LLC grew its position in shares of Canopy Growth by 4.4% in the second quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock valued at $343,000 after purchasing an additional 11,942 shares during the last quarter. Lake Street Private Wealth LLC grew its holdings in Canopy Growth by 16.9% during the 4th quarter. Lake Street Private Wealth LLC now owns 90,300 shares of the company’s stock valued at $103,000 after buying an additional 13,050 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Canopy Growth by 23.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company’s stock valued at $84,000 after buying an additional 13,814 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Canopy Growth by 44.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 46,845 shares of the company’s stock worth $68,000 after buying an additional 14,509 shares in the last quarter. Finally, Midwest Trust Co acquired a new position in shares of Canopy Growth in the third quarter worth $31,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Company Profile

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.