Shares of Canopy Growth Corp (NYSE:CGC) have earned a consensus recommendation of “Hold” from the twelve ratings firms that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $45.50.
A number of research analysts recently commented on the company. Piper Jaffray Companies set a $60.00 price target on Canopy Growth and gave the company a “buy” rating in a research note on Saturday, February 2nd. GMP Securities downgraded Canopy Growth from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. TheStreet upgraded Canopy Growth from a “d+” rating to a “c” rating in a research report on Friday, March 1st. Seaport Global Securities assumed coverage on Canopy Growth in a research report on Thursday, February 21st. They issued a “neutral” rating and a $46.27 target price on the stock. Finally, Jefferies Financial Group assumed coverage on Canopy Growth in a research report on Monday, February 25th. They issued a “hold” rating on the stock.
A number of institutional investors have recently added to or reduced their stakes in CGC. Russell Investments Group Ltd. grew its position in Canopy Growth by 57.3% in the third quarter. Russell Investments Group Ltd. now owns 13,676 shares of the marijuana producer’s stock valued at $657,000 after acquiring an additional 4,982 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Canopy Growth in the third quarter valued at about $246,000. Baird Financial Group Inc. bought a new position in Canopy Growth in the third quarter valued at about $264,000. Blair William & Co. IL bought a new position in Canopy Growth in the third quarter valued at about $294,000. Finally, Tower Research Capital LLC TRC bought a new position in Canopy Growth in the third quarter valued at about $239,000. Hedge funds and other institutional investors own 8.53% of the company’s stock.
CGC stock traded up $0.55 during midday trading on Wednesday, reaching $42.30. The company had a trading volume of 727,841 shares, compared to its average volume of 8,874,575. The company has a market cap of $13.97 billion, a PE ratio of -132.19 and a beta of 4.24. Canopy Growth has a 1-year low of $18.93 and a 1-year high of $59.25. The company has a quick ratio of 17.12, a current ratio of 17.85 and a debt-to-equity ratio of 0.10.
Canopy Growth (NYSE:CGC) last posted its quarterly earnings results on Thursday, February 14th. The marijuana producer reported ($0.67) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.52). The company had revenue of $62.85 million during the quarter, compared to analyst estimates of $66.09 million. Canopy Growth had a negative net margin of 267.40% and a negative return on equity of 14.39%. On average, analysts anticipate that Canopy Growth will post -1.33 EPS for the current fiscal year.
Canopy Growth Company Profile
Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.
Read More: What are CEFs?
Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.