Canopy Growth Corporation (NASDAQ:CGC) Given Average Rating of “Hold” by Brokerages

Canopy Growth Corporation (NASDAQ:CGC) has received a consensus rating of “Hold” from the six ratings firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating on the company.

CGC has been the subject of several recent research reports. Wall Street Zen lowered Canopy Growth from a “hold” rating to a “sell” rating in a report on Sunday, March 29th. Weiss Ratings downgraded shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 14th. Finally, Canaccord Genuity Group assumed coverage on shares of Canopy Growth in a research report on Friday, March 27th. They set a “buy” rating for the company.

Canopy Growth Price Performance

Shares of NASDAQ CGC opened at $0.93 on Friday. The company has a current ratio of 3.34, a quick ratio of 2.64 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $1.00 and a two-hundred day simple moving average of $1.07. Canopy Growth has a 1-year low of $0.84 and a 1-year high of $2.38. The firm has a market cap of $418.78 million, a price-to-earnings ratio of -1.58 and a beta of 0.79.

Canopy Growth (NASDAQ:CGC) last issued its earnings results on Monday, June 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11). Canopy Growth had a negative net margin of 75.27% and a negative return on equity of 26.95%. The firm had revenue of $51.22 million during the quarter, compared to the consensus estimate of $53.43 million. Analysts anticipate that Canopy Growth will post -0.11 earnings per share for the current year.

Insider Activity at Canopy Growth

In related news, CEO Luc Mongeau sold 135,231 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $131,174.07. Following the sale, the chief executive officer directly owned 1,723,913 shares in the company, valued at approximately $1,672,195.61. This represents a 7.27% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Christelle Gedeon sold 58,994 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $57,224.18. Following the sale, the insider owned 705,506 shares in the company, valued at $684,340.82. The trade was a 7.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 224,958 shares of company stock worth $217,137. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Canopy Growth

Institutional investors have recently made changes to their positions in the stock. Boothbay Fund Management LLC purchased a new position in shares of Canopy Growth in the second quarter valued at $30,000. Bank of Montreal Can raised its stake in shares of Canopy Growth by 122.7% during the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock valued at $29,000 after purchasing an additional 135,970 shares during the period. Octavia Wealth Advisors LLC purchased a new stake in Canopy Growth during the 4th quarter worth about $30,000. PCG Wealth Advisors LLC purchased a new stake in Canopy Growth during the 4th quarter worth about $32,000. Finally, Sender Co & Partners Inc. bought a new position in Canopy Growth in the 3rd quarter worth about $63,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

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.