Canopy Growth (NASDAQ:CGC) Sets New 52-Week Low at $1.02

Canopy Growth Co. (NASDAQ:CGC – Get Rating) shares reached a new 52-week low on Wednesday . The company traded as low as $1.02 and last traded at $1.03, with a volume of 1364335 shares. The stock had previously closed at $1.03.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Piper Sandler lowered their price target on Canopy Growth from $2.00 to $1.00 in a research report on Tuesday, May 2nd. CIBC cut their price target on shares of Canopy Growth from C$2.50 to C$1.75 in a report on Friday, February 10th. Cantor Fitzgerald lowered their price objective on shares of Canopy Growth from $3.30 to $3.20 and set a “neutral” rating on the stock in a research note on Friday, February 17th. BMO Capital Markets raised shares of Canopy Growth from an “underperform” rating to a “market perform” rating in a research note on Monday, May 1st. Finally, Roth Capital restated a “buy” rating on shares of Canopy Growth in a research report on Monday, February 13th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $4.39.

Canopy Growth Stock Performance

The company has a current ratio of 1.73, a quick ratio of 1.41 and a debt-to-equity ratio of 0.53. The business has a fifty day moving average price of $1.53 and a two-hundred day moving average price of $2.40.

Hedge Funds Weigh In On Canopy Growth

Institutional investors and hedge funds have recently bought and sold shares of the business. Oxinas Partners Wealth Management LLC acquired a new stake in shares of Canopy Growth during the fourth quarter worth approximately $25,000. Traynor Capital Management Inc. acquired a new stake in shares of Canopy Growth during the 3rd quarter valued at $27,000. Cyndeo Wealth Partners LLC purchased a new position in shares of Canopy Growth during the 1st quarter valued at $28,000. QCM Cayman Ltd. acquired a new position in shares of Canopy Growth in the first quarter worth $31,000. Finally, First Republic Investment Management Inc. purchased a new stake in shares of Canopy Growth during the second quarter worth $31,000. Hedge funds and other institutional investors own 15.82% of the company’s stock.

Canopy Growth Company Profile

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Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.