Canopy Growth Corporation (NASDAQ:CGC) Given Consensus Rating of “Reduce” by Brokerages

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been given an average recommendation of “Reduce” by the five ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company.

A number of analysts have recently commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a research note on Saturday, February 7th. Benchmark upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Wall Street Zen lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th.

Hedge Funds Weigh In On Canopy Growth

A number of large investors have recently modified their holdings of the business. Bank of Montreal Can increased its position in shares of 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 acquiring an additional 135,970 shares during the last quarter. Octavia Wealth Advisors LLC bought a new position in Canopy Growth in the fourth quarter valued at approximately $30,000. Boothbay Fund Management LLC acquired a new position in shares of Canopy Growth during the 2nd quarter worth approximately $30,000. Midwest Trust Co bought a new stake in shares of Canopy Growth during the 3rd quarter worth approximately $31,000. Finally, PCG Wealth Advisors LLC bought a new stake in shares of Canopy Growth during the 4th quarter worth approximately $32,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Stock Up 1.7%

Shares of CGC stock opened at $1.19 on Wednesday. Canopy Growth has a 12-month low of $0.77 and a 12-month high of $2.38. The company has a quick ratio of 4.26, a current ratio of 5.34 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average of $1.23 and a 200-day moving average of $1.29. The company has a market capitalization of $480.90 million, a price-to-earnings ratio of -0.92 and a beta of 0.56.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, February 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). The company had revenue of $90.39 million during 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, equities research analysts predict that Canopy Growth will post -2.81 earnings per share for the current fiscal 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.