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

Canopy Growth Corporation (NASDAQ:CGC) has earned a consensus recommendation of “Reduce” from the six research firms that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and one has given a buy recommendation to the company.

A number of research firms have weighed in on CGC. Wall Street Zen raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday. Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. Finally, ATB Cormark Capital Markets raised shares of Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $0.94 on Friday. Canopy Growth has a twelve month low of $0.77 and a twelve month high of $2.38. The stock’s 50 day moving average is $1.11 and its 200-day moving average is $1.24. The company has a quick ratio of 4.26, a current ratio of 5.34 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $381.81 million, a price-to-earnings ratio of -0.73 and a beta of 0.57.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CGC. Bank of Montreal Can grew its holdings in Canopy Growth by 122.7% during the fourth quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock worth $29,000 after buying an additional 135,970 shares in the last quarter. Octavia Wealth Advisors LLC bought a new position in Canopy Growth during the 4th quarter valued at $30,000. Boothbay Fund Management LLC bought a new position in Canopy Growth during the 2nd quarter valued at $30,000. Midwest Trust Co purchased a new position in Canopy Growth during the 3rd quarter worth $31,000. Finally, PCG Wealth Advisors LLC purchased a new position in Canopy Growth during the 4th quarter worth $32,000. 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.