Canopy Growth (NASDAQ:CGC) Upgraded to “Hold” at Wall Street Zen

Canopy Growth (NASDAQ:CGC) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

A number of other analysts have also commented on CGC. ATB Cormark Capital Markets raised Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a report on Tuesday. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a report on Saturday, February 7th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

Canopy Growth Trading Down 6.5%

Shares of NASDAQ CGC opened at $0.94 on Friday. The firm’s 50 day moving average price is $1.11 and its 200-day moving average price is $1.24. Canopy Growth has a 52-week low of $0.77 and a 52-week high of $2.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34. The company has a market cap of $381.81 million, a PE ratio of -0.73 and a beta of 0.57.

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

Hedge Funds Weigh In On Canopy Growth

Several hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its holdings in Canopy Growth by 723.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after acquiring an additional 4,037,281 shares during the period. Millennium Management LLC boosted its position in Canopy Growth by 196.9% in the third quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after purchasing an additional 2,080,994 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Canopy Growth by 19,571.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after purchasing an additional 2,011,917 shares during the period. Two Sigma Investments LP purchased a new stake in shares of Canopy Growth during the 3rd quarter valued at about $1,767,000. Finally, Tidal Investments LLC increased its position in shares of Canopy Growth by 31.5% during the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after purchasing an additional 1,204,530 shares during the last quarter. 3.33% of the stock is owned by institutional investors.

Canopy Growth Company Profile

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.