Canopy Growth (NASDAQ:CGC) Hits New 1-Year Low at $3.24

Canopy Growth Co. (NASDAQ:CGCGet Rating)’s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $3.24 and last traded at $3.26, with a volume of 202863 shares trading hands. The stock had previously closed at $3.52.

A number of research firms have recently weighed in on CGC. Cfra reiterated a “hold” rating and set a $10.00 price target on shares of Canopy Growth in a report on Friday, May 27th. BMO Capital Markets cut Canopy Growth from a “market perform” rating to an “underperform” rating in a report on Wednesday, June 8th. Oppenheimer reiterated a “market perform” rating on shares of Canopy Growth in a report on Wednesday, June 1st. CIBC lowered their price target on Canopy Growth from C$6.50 to C$5.00 in a report on Tuesday, May 31st. Finally, Cantor Fitzgerald raised their target price on Canopy Growth from C$9.60 to C$11.00 and gave the company a “neutral” rating in a report on Friday, February 18th. Nine equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $10.45.

The firm has a 50-day moving average price of $5.26 and a two-hundred day moving average price of $7.10. The company has a debt-to-equity ratio of 0.42, a quick ratio of 7.20 and a current ratio of 8.16.

Canopy Growth (NASDAQ:CGCGet Rating) last released its quarterly earnings results on Friday, May 27th. The company reported ($1.46) EPS for the quarter, missing the consensus estimate of ($0.24) by ($1.22). The firm had revenue of $126.10 million for the quarter, compared to analyst estimates of $130.34 million. Canopy Growth had a negative return on equity of 12.81% and a negative net margin of 53.23%. The company’s quarterly revenue was down 24.7% on a year-over-year basis. During the same period last year, the firm earned ($0.66) EPS. Research analysts forecast that Canopy Growth Co. will post -0.73 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in CGC. Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of Canopy Growth by 84.4% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,961 shares of the company’s stock valued at $26,000 after buying an additional 1,355 shares in the last quarter. Liberty Wealth Management LLC purchased a new stake in shares of Canopy Growth in the third quarter valued at approximately $29,000. Prospera Financial Services Inc purchased a new stake in shares of Canopy Growth in the first quarter valued at approximately $29,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $32,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA boosted its stake 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 buying an additional 3,200 shares in the last quarter. Institutional investors own 16.59% of the company’s stock.

Canopy Growth Company Profile (NASDAQ:CGC)

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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