Canopy Growth Corporation (NASDAQ:CGC) Given Consensus Recommendation of “Strong Sell” by Brokerages

Canopy Growth Corporation (NASDAQ:CGC) has received a consensus recommendation of “Strong Sell” from the five ratings firms that are presently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company.

Several equities research analysts recently commented on CGC shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Zacks Research upgraded Canopy Growth to a “hold” rating in a research report on Tuesday, August 12th. Finally, Benchmark upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research report on Monday.

Insider Buying and Selling

In other news, insider Christelle Gedeon sold 16,929 shares of Canopy Growth stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $1.74, for a total value of $29,456.46. Following the completion of the sale, the insider owned 368,488 shares in the company, valued at $641,169.12. The trade was a 4.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Luc Mongeau purchased 27,469 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was bought at an average cost of $1.82 per share, with a total value of $49,993.58. Following the completion of the purchase, the chief executive officer owned 812,368 shares of the company’s stock, valued at approximately $1,478,509.76. This represents a 3.50% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 50,300 shares of company stock valued at $84,373. 0.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. raised its stake in Canopy Growth by 68.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 360,738 shares of the company’s stock valued at $328,000 after acquiring an additional 146,488 shares during the period. TD Asset Management Inc raised its position in shares of Canopy Growth by 47.3% in the first quarter. TD Asset Management Inc now owns 112,721 shares of the company’s stock valued at $104,000 after purchasing an additional 36,211 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Canopy Growth by 56.5% during the 1st quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock valued at $47,000 after buying an additional 18,202 shares in the last quarter. Baader Bank Aktiengesellschaft boosted its holdings in Canopy Growth by 98.6% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 153,856 shares of the company’s stock worth $140,000 after buying an additional 76,395 shares during the period. Finally, Virtu Financial LLC purchased a new position in Canopy Growth in the 1st quarter valued at approximately $255,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Price Performance

CGC stock opened at $1.19 on Monday. The company’s 50-day moving average price is $1.35 and its two-hundred day moving average price is $1.35. The firm has a market cap of $285.42 million, a P/E ratio of -0.61 and a beta of 0.82. The company has a quick ratio of 2.12, a current ratio of 5.50 and a debt-to-equity ratio of 0.31. Canopy Growth has a 12 month low of $0.77 and a 12 month high of $4.25.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.10. Canopy Growth had a negative return on equity of 61.97% and a negative net margin of 113.21%.The business had revenue of $47.86 million for the quarter, compared to analyst estimates of $71.82 million. On average, analysts anticipate that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.