Canopy Growth (NASDAQ:CGC) Posts Quarterly Earnings Results, Beats Expectations By $999.06 EPS

Canopy Growth (NASDAQ:CGC) issued its quarterly earnings data on Monday. The company reported $999.00 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $999.06, Zacks reports. Canopy Growth had a negative net margin of 94.39% and a negative return on equity of 46.85%.

Canopy Growth Price Performance

Shares of Canopy Growth stock opened at $1.00 on Monday. 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 fifty-two week low of $0.84 and a fifty-two week high of $2.38. The firm has a fifty day moving average price of $1.08 and a two-hundred day moving average price of $1.13. The company has a market cap of $404.12 million, a PE ratio of -0.77 and a beta of 0.77.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CGC shares. 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. Weiss Ratings raised shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Wall Street Zen lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Finally, Canaccord Genuity Group started coverage on shares of Canopy Growth in a research report on Friday, March 27th. They set a “buy” rating on the stock. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors have recently bought and sold shares of CGC. Bank of Montreal Can boosted its stake 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. Boothbay Fund Management LLC acquired a new stake in Canopy Growth during the second quarter worth $30,000. WINTON GROUP Ltd acquired a new stake in Canopy Growth during the fourth quarter worth $63,000. Sender Co & Partners Inc. acquired a new stake in Canopy Growth during the third quarter worth $63,000. Finally, Commonwealth Equity Services LLC boosted its stake in Canopy Growth by 23.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company’s stock worth $84,000 after buying an additional 13,814 shares in the last quarter. 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.