ATB Cormark Capital Markets Upgrades Canopy Growth (NASDAQ:CGC) to “Moderate Buy”

Canopy Growth (NASDAQ:CGC) was upgraded by research analysts at ATB Cormark Capital Markets from a “strong sell” rating to a “moderate buy” rating in a research report issued on Tuesday,Zacks.com reports.

Several other analysts also recently weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, January 21st. Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a research note on Saturday, February 7th. Finally, Wall Street Zen lowered Canopy Growth from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce”.

Canopy Growth Price Performance

NASDAQ CGC opened at $1.02 on Tuesday. The company has a 50-day moving average price of $1.12 and a two-hundred day moving average price of $1.25. Canopy Growth has a 52 week low of $0.77 and a 52 week high of $2.38. The stock has a market cap of $412.20 million, a price-to-earnings ratio of -0.78 and a beta of 0.57. The company has a current ratio of 5.34, a quick ratio of 4.26 and a debt-to-equity ratio of 0.30.

Canopy Growth (NASDAQ:CGC) last released its quarterly 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 business 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%. Analysts forecast that Canopy Growth will post -2.81 EPS for the current year.

Institutional Investors Weigh In On Canopy Growth

Hedge funds and other institutional investors have recently bought and sold shares of the business. Jones Financial Companies Lllp lifted its holdings in 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 acquiring an additional 960,218 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Canopy Growth by 64.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock worth $301,000 after purchasing an additional 129,620 shares during the last quarter. Murchinson Ltd. bought a new stake in shares of Canopy Growth in the 2nd quarter worth approximately $183,000. Boothbay Fund Management LLC bought a new stake in shares of Canopy Growth in the 2nd quarter worth approximately $30,000. Finally, Tidal Investments LLC lifted its stake in Canopy Growth by 31.5% during the second 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 currently owned by institutional investors.

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.