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

Canopy Growth Corporation (NASDAQ:CGC) has been assigned a consensus rating of “Hold” from the seven ratings firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company.

CGC has been the subject of several research analyst reports. Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, January 21st. Wall Street Zen downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Canaccord Genuity Group initiated coverage on shares of Canopy Growth in a research report on Friday, March 27th. They issued a “buy” rating for the company. 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.

Canopy Growth Stock Performance

Shares of CGC stock opened at $1.05 on Thursday. Canopy Growth has a 12 month low of $0.84 and a 12 month high of $2.38. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.34 and a quick ratio of 4.26. The firm has a market capitalization of $424.33 million, a P/E ratio of -0.81 and a beta of 0.60. The company’s fifty day moving average price is $1.05 and its two-hundred day moving average price is $1.19.

Canopy Growth (NASDAQ:CGC) last released its 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 company had revenue of $90.39 million during the quarter, compared to the consensus estimate of $70.96 million. Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%. On average, research analysts anticipate that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd increased its position in shares of Canopy Growth by 723.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after purchasing an additional 4,037,281 shares during the last quarter. Virtu Financial LLC acquired a new stake in Canopy Growth during the fourth quarter worth about $117,000. Mackenzie Financial Corp raised its stake in Canopy Growth by 173.0% during the fourth quarter. Mackenzie Financial Corp now owns 305,578 shares of the company’s stock worth $354,000 after acquiring an additional 193,633 shares during the period. Engineers Gate Manager LP acquired a new stake in Canopy Growth during the fourth quarter worth about $95,000. Finally, Barclays PLC raised its stake in Canopy Growth by 5,436.5% during the fourth quarter. Barclays PLC now owns 897,078 shares of the company’s stock worth $1,023,000 after acquiring an additional 880,875 shares during the period. Institutional investors own 3.33% of the company’s stock.

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.