Canopy Growth Corporation (CGC) – What Are Investment Firms Saying About This Stock?

Canopy Growth Corporation (NASDAQ:CGC) has been given an average rating of “Hold” by the five ratings firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company.

CGC has been the topic of a number of research reports. Weiss Ratings lowered Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 16th. Wall Street Zen cut Canopy Growth from a “hold” rating to a “sell” rating in a research note on Saturday, October 17th.

Canopy Growth Price Performance

Shares of CGC opened at $0.65 on Monday. The company has a market cap of $293.17 million, a price-to-earnings ratio of -1.45 and a beta of 0.87. Canopy Growth has a twelve month low of $0.64 and a twelve month high of $2.38. The company has a quick ratio of 2.39, a current ratio of 3.04 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average of $0.87 and a two-hundred day moving average of $1.00.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. The business had revenue of $142.62 million for 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%. As a group, 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 hedge fund recently raised its stake in Canopy Growth stock. Royal Bank of Canada grew its stake in Canopy Growth Corporation (NASDAQ:CGC) by 1,115.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 975,967 shares of the company’s stock after purchasing an additional 895,680 shares during the quarter. Royal Bank of Canada owned approximately 0.24% of Canopy Growth worth $927,000 as of its most recent SEC filing. 3.33% of the stock is owned by institutional investors and hedge funds.

Canopy Growth Company Profile

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013, the company operates in the production, distribution and sale of cannabis and cannabis-related products for adult-use and medical markets.

Its product portfolio includes dried cannabis flower, pre-rolls, cannabis oils, softgels, vapes, beverages and edibles. Canopy Growth markets products under several brands, including Tweed, 7ACRES, Doja and Deep Space, with offerings designed for different consumer preferences and product segments.

Canopy Growth primarily serves the Canadian recreational and medical cannabis markets and has pursued international opportunities in selected medical-cannabis markets.