Canopy Growth (NASDAQ:CGC) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen cut shares of Canopy Growth (NASDAQ:CGC) from a hold rating to a sell rating in a report issued on Sunday morning.

Other research analysts have also issued reports about the stock. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a report on Saturday, February 7th. ATB Cormark Capital Markets raised shares of Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a report on Tuesday, March 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, January 21st. Finally, Canaccord Genuity Group initiated coverage on Canopy Growth in a report on Friday. They set a “buy” rating for the company. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

Canopy Growth Stock Performance

Shares of CGC opened at $0.89 on Friday. The stock has a market capitalization of $361.04 million, a PE ratio of -0.69 and a beta of 0.57. The business’s fifty day moving average price is $1.09 and its 200 day moving average price is $1.22. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.34 and a quick ratio of 4.26. Canopy Growth has a 12-month low of $0.77 and a 12-month high of $2.38.

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

Institutional Trading of Canopy Growth

A number of large investors have recently modified their holdings of the company. Bank of Montreal Can lifted its position in Canopy Growth by 122.7% in the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock valued at $29,000 after purchasing an additional 135,970 shares during the last quarter. Octavia Wealth Advisors LLC bought a new position in Canopy Growth in the 4th quarter worth about $30,000. Boothbay Fund Management LLC acquired a new stake in shares of Canopy Growth in the second quarter valued at approximately $30,000. Midwest Trust Co acquired a new stake in shares of Canopy Growth in the third quarter valued at approximately $31,000. Finally, PCG Wealth Advisors LLC bought a new stake in shares of Canopy Growth during the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds 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.