Canopy Growth Corporation (NASDAQ:CGC) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been given a consensus recommendation of “Reduce” by the five analysts that are covering the firm, Marketbeat Ratings 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 brokerages have recently issued reports on CGC. Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. Finally, Wall Street Zen downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th.

Institutional Investors Weigh In On Canopy Growth

Large investors have recently modified their holdings of the company. Bank of Montreal Can lifted its holdings in Canopy Growth by 122.7% in the fourth quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock valued at $29,000 after buying an additional 135,970 shares during the period. Octavia Wealth Advisors LLC acquired a new stake in Canopy Growth during the 4th quarter worth about $30,000. Boothbay Fund Management LLC bought a new position in shares of Canopy Growth in the 2nd quarter worth about $30,000. Midwest Trust Co bought a new position in shares of Canopy Growth in the 3rd quarter worth about $31,000. Finally, PCG Wealth Advisors LLC acquired a new position in shares of Canopy Growth in the 4th quarter valued at about $32,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $1.07 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34. Canopy Growth has a 52 week low of $0.77 and a 52 week high of $2.38. The firm has a market cap of $432.41 million, a PE ratio of -0.82 and a beta of 0.57. The firm’s fifty day moving average is $1.13 and its 200-day moving average is $1.25.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, February 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%.The company had revenue of $90.39 million for the quarter, compared to the consensus estimate of $70.96 million. Sell-side analysts predict that Canopy Growth will post -2.81 earnings per share for the current year.

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.