Canopy Growth (NASDAQ:CGC) Coverage Initiated at Canaccord Genuity Group

Canaccord Genuity Group began coverage on shares of Canopy Growth (NASDAQ:CGC) in a report issued on Friday, Marketbeat reports. The brokerage set a “buy” rating on the stock.

Several other brokerages have also issued reports on CGC. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a report on Saturday, February 7th. Finally, ATB Cormark Capital Markets raised shares of Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold”.

Canopy Growth Price Performance

Shares of CGC opened at $0.89 on Friday. The company has a 50 day moving average of $1.09 and a two-hundred day moving average of $1.22. The company has a quick ratio of 4.26, a current ratio of 5.34 and a debt-to-equity ratio of 0.30. Canopy Growth has a twelve month low of $0.77 and a twelve month high of $2.38. The company has a market cap of $361.04 million, a price-to-earnings ratio of -0.69 and a beta of 0.57.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp lifted its holdings in shares of Canopy Growth by 10,308.3% in the 1st quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock valued at $882,000 after buying an additional 960,218 shares during the period. Goldman Sachs Group Inc. grew its holdings in Canopy Growth by 64.6% during the first quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock worth $301,000 after acquiring an additional 129,620 shares during the period. Murchinson Ltd. purchased a new position in Canopy Growth during the second quarter valued at approximately $183,000. Boothbay Fund Management LLC purchased a new position in Canopy Growth during the second quarter valued at approximately $30,000. Finally, Tidal Investments LLC lifted its holdings in Canopy Growth by 31.5% in the second quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after acquiring an additional 1,204,530 shares during the period. 3.33% of the stock is currently owned by institutional investors and hedge funds.

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.