Canopy Growth (NASDAQ:CGC) Stock Dropped to Sell by Wall Street Zen

Canopy Growth (NASDAQ:CGC) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings upgraded shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Canopy Growth Trading Down 3.1%

Shares of NASDAQ CGC opened at $0.71 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.39 and a current ratio of 3.04. The stock has a market cap of $320.35 million, a price-to-earnings ratio of -1.58 and a beta of 0.78. The business has a 50 day simple moving average of $0.94 and a 200 day simple moving average of $0.99. Canopy Growth has a 52 week low of $0.69 and a 52 week high of $2.38.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. The business had revenue of $142.62 million during the quarter, compared to analyst estimates of $58.21 million. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. On average, research analysts predict that Canopy Growth will post -0.10 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

A number of hedge funds and other institutional investors have recently bought and sold shares of CGC. Royal Bank of Canada grew its position in shares of Canopy Growth by 1,115.6% during the 1st quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock worth $927,000 after buying an additional 895,680 shares during the period. Lazard Asset Management LLC acquired a new position in Canopy Growth during the first quarter worth $1,716,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in Canopy Growth by 723.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after purchasing an additional 4,037,281 shares in the last quarter. 3.33% of the stock is owned by institutional investors.

About Canopy Growth

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and became one of Canada’s early large-scale licensed cannabis producers.

Canopy Growth develops, produces, distributes and sells cannabis products for the Canadian medical and adult-use markets. Its offerings include dried flower, pre-rolls, oils, softgels, vapes, beverages and edibles marketed under brands such as Tweed, 7ACRES, DOJA and Deep Space.