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

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been assigned a consensus recommendation of “Reduce” from the five ratings firms that are currently covering the company, 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 research firms recently weighed in on CGC. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday. Alliance Global Partners reissued 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. Finally, Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday, November 8th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CGC. Two Sigma Securities LLC grew its holdings in shares of Canopy Growth by 4.4% in the second quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock valued at $343,000 after purchasing an additional 11,942 shares during the period. Lake Street Private Wealth LLC raised its stake in Canopy Growth by 16.9% during the fourth quarter. Lake Street Private Wealth LLC now owns 90,300 shares of the company’s stock worth $103,000 after purchasing an additional 13,050 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Canopy Growth by 81.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock valued at $41,000 after purchasing an additional 14,498 shares during the last quarter. Midwest Trust Co purchased a new stake in shares of Canopy Growth in the 3rd quarter valued at approximately $31,000. Finally, Genesee Capital Advisors LLC grew 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 valued at $58,000 after buying an additional 25,000 shares during the period. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Up 1.7%

NASDAQ CGC opened at $1.19 on Friday. The business has a fifty day moving average price of $1.24 and a 200 day moving average price of $1.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.23 and a current ratio of 5.50. The company has a market cap of $438.47 million, a P/E ratio of -0.61 and a beta of 0.43. Canopy Growth has a one year low of $0.77 and a one year high of $2.90.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, November 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.10. The company had revenue of $47.86 million for the quarter, compared to analysts’ expectations of $71.82 million. Canopy Growth had a negative net margin of 113.21% and a negative return on equity of 61.97%. Research analysts anticipate that Canopy Growth will post -2.81 EPS for the current fiscal year.

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.