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

Shares of Canopy Growth Corporation (NASDAQ:CGC) have received a consensus rating of “Reduce” from the five analysts that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company.

A number of equities analysts have issued reports on CGC shares. Alliance Global Partners reiterated a “neutral” rating on shares of Canopy Growth in a research note on Monday, December 15th. Benchmark upgraded Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th.

Canopy Growth Stock Performance

Shares of Canopy Growth stock opened at $1.14 on Tuesday. The business has a 50-day simple moving average of $1.24 and a 200 day simple moving average of $1.29. Canopy Growth has a one year low of $0.77 and a one year high of $3.07. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.50 and a quick ratio of 4.23. The firm has a market capitalization of $420.04 million, a price-to-earnings ratio of -0.58 and a beta of 0.43.

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 analysts’ consensus estimates of ($0.11) by $0.10. The firm had revenue of $47.86 million for the quarter, compared to analyst estimates of $71.82 million. Canopy Growth had a negative net margin of 113.21% and a negative return on equity of 61.97%. On average, research analysts anticipate that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CGC. Boothbay Fund Management LLC purchased a new position in Canopy Growth during the second quarter worth about $30,000. Midwest Trust Co bought a new position in shares of Canopy Growth during the 3rd quarter worth approximately $31,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Canopy Growth by 81.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after buying an additional 14,498 shares during the last quarter. Genesee Capital Advisors LLC boosted its stake in shares of Canopy Growth by 166.1% in the 3rd quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock worth $58,000 after buying an additional 25,000 shares during the last quarter. Finally, Insigneo Advisory Services LLC grew its holdings in shares of Canopy Growth by 168.7% in the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock valued at $63,000 after acquiring an additional 27,000 shares in the last quarter. 3.33% of the stock is owned by institutional investors.

About Canopy Growth

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.