Canopy Growth (NASDAQ:CGC) Shares Up 8.7%

Canopy Growth Co. (NASDAQ:CGC – Get Rating)’s stock price shot up 8.7% during mid-day trading on Tuesday . The company traded as high as $2.76 and last traded at $2.75. 64,516 shares traded hands during mid-day trading, a decline of 100% from the average session volume of 13,304,627 shares. The stock had previously closed at $2.53.

Analyst Ratings Changes

A number of research firms recently issued reports on CGC. Alliance Global Partners lowered their target price on Canopy Growth from C$8.00 to C$7.00 in a research report on Friday, May 27th. MKM Partners lowered their target price on Canopy Growth from C$17.00 to C$13.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Canaccord Genuity Group lowered their target price on Canopy Growth from C$4.50 to C$3.50 and set a “sell” rating on the stock in a research report on Friday, July 1st. BMO Capital Markets downgraded Canopy Growth from a “market perform” rating to an “underperform” rating in a research report on Wednesday, June 8th. Finally, Cfra reaffirmed a “hold” rating and issued a $10.00 target price on shares of Canopy Growth in a research report on Friday, May 27th. Ten investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Canopy Growth has an average rating of “Hold” and an average price target of $9.98.

Canopy Growth Trading Up 1.7 %

The company has a market cap of $1.40 billion, a P/E ratio of -4.11 and a beta of 2.01. The business has a fifty day moving average price of $3.29 and a 200-day moving average price of $5.62. The company has a quick ratio of 7.20, a current ratio of 8.16 and a debt-to-equity ratio of 0.42.

Canopy Growth (NASDAQ:CGC – Get Rating) last issued its quarterly earnings data on Friday, May 27th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.18). Canopy Growth had a negative return on equity of 12.81% and a negative net margin of 53.23%. The firm had revenue of $126.10 million for the quarter, compared to the consensus estimate of $130.34 million. During the same quarter in the prior year, the firm earned ($0.66) EPS. The company’s revenue was down 24.7% on a year-over-year basis. On average, analysts forecast that Canopy Growth Co. will post -0.7 earnings per share for the current year.

Institutional Investors Weigh In On Canopy Growth

Several institutional investors have recently made changes to their positions in the stock. Advisor Resource Council boosted its stake in shares of Canopy Growth by 41.7% in the second quarter. Advisor Resource Council now owns 21,194 shares of the company’s stock valued at $61,000 after buying an additional 6,240 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Canopy Growth by 0.6% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 859,141 shares of the company’s stock valued at $2,438,000 after buying an additional 5,289 shares during the period. Chiron Capital Management LLC boosted its stake in shares of Canopy Growth by 8.9% in the second quarter. Chiron Capital Management LLC now owns 100,000 shares of the company’s stock valued at $285,000 after buying an additional 8,200 shares during the period. Stratos Wealth Partners LTD. boosted its stake in shares of Canopy Growth by 19.7% in the second quarter. Stratos Wealth Partners LTD. now owns 36,085 shares of the company’s stock valued at $103,000 after buying an additional 5,947 shares during the period. Finally, Parametrica Management Ltd bought a new stake in shares of Canopy Growth in the second quarter valued at approximately $76,000. 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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