Canopy Growth (NASDAQ:CGC) Given New C$7.00 Price Target at Alliance Global Partners

Canopy Growth (NASDAQ:CGC – Get Rating) had its price objective decreased by investment analysts at Alliance Global Partners from C$8.00 to C$7.00 in a research note issued on Friday, The Fly reports.

CGC has been the subject of several other research reports. Benchmark cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Friday. Zacks Investment Research cut shares of Canopy Growth from a “buy” rating to a “hold” rating in a research note on Tuesday. CIBC dropped their price objective on shares of Canopy Growth from C$12.00 to C$9.00 in a research note on Thursday, February 3rd. Barclays cut shares of Canopy Growth from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, March 22nd. Finally, Canaccord Genuity Group dropped their price target on shares of Canopy Growth from C$12.00 to C$10.00 in a research note on Thursday, February 10th. Eight equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Sell” and a consensus price target of $13.65.

NASDAQ CGC traded down $0.69 during trading hours on Friday, hitting $4.86. 846,367 shares of the company’s stock traded hands, compared to its average volume of 7,296,175. Canopy Growth has a 52-week low of $4.70 and a 52-week high of $26.96. The company has a market capitalization of $1.92 billion, a PE ratio of -4.76 and a beta of 1.98. The company has a debt-to-equity ratio of 0.36, a current ratio of 8.31 and a quick ratio of 6.78. The firm’s 50-day moving average is $6.35 and its 200-day moving average is $8.06.

Institutional investors have recently modified their holdings of the business. Bank Julius Baer & Co. Ltd Zurich grew its position in Canopy Growth by 84.4% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,961 shares of the company’s stock worth $26,000 after purchasing an additional 1,355 shares during the last quarter. Liberty Wealth Management LLC purchased a new stake in shares of Canopy Growth in the third quarter valued at about $29,000. Prospera Financial Services Inc purchased a new stake in shares of Canopy Growth in the first quarter valued at about $29,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Canopy Growth in the fourth quarter valued at about $32,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA boosted its holdings in shares of Canopy Growth by 256.0% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 4,450 shares of the company’s stock valued at $34,000 after acquiring an additional 3,200 shares in the last quarter. 16.59% of the stock is currently owned by institutional investors.

Canopy Growth Company Profile (Get Rating)

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.

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