Canopy Growth Co. (NASDAQ:CGC) Receives Average Recommendation of “Hold” from Analysts

Shares of Canopy Growth Co. (NASDAQ:CGCGet Rating) have earned a consensus recommendation of “Hold” from the nineteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Nine research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $8.51.

CGC has been the topic of a number of analyst reports. Cfra reaffirmed a “hold” rating and issued a $10.00 price objective on shares of Canopy Growth in a report on Friday, May 27th. Canaccord Genuity Group lowered their target price on shares of Canopy Growth from C$4.50 to C$3.50 and set a “sell” rating on the stock in a research note on Friday, July 1st. MKM Partners lowered their target price on shares of Canopy Growth from C$17.00 to C$13.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Benchmark cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Friday, May 27th. Finally, Cowen lowered their target price on shares of Canopy Growth to $5.00 and set a “buy” rating on the stock in a research note on Monday, May 30th.

Hedge Funds Weigh In On Canopy Growth

Large investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. boosted its holdings in shares of Canopy Growth by 25.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 13,180 shares of the company’s stock worth $115,000 after buying an additional 2,669 shares during the period. Northern Trust Corp boosted its holdings in shares of Canopy Growth by 4.1% in the fourth quarter. Northern Trust Corp now owns 67,447 shares of the company’s stock worth $589,000 after buying an additional 2,681 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Canopy Growth by 57.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 278,039 shares of the company’s stock worth $2,427,000 after buying an additional 101,422 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in shares of Canopy Growth by 234,997.3% in the fourth quarter. BNP Paribas Arbitrage SA now owns 176,323 shares of the company’s stock worth $1,539,000 after buying an additional 176,248 shares during the period. Finally, PCG Wealth Advisors LLC acquired a new position in shares of Canopy Growth in the fourth quarter worth about $354,000. Institutional investors own 10.02% of the company’s stock.

Canopy Growth Stock Up 4.0 %

CGC stock opened at $3.65 on Friday. The company has a quick ratio of 3.43, a current ratio of 3.94 and a debt-to-equity ratio of 0.77. Canopy Growth has a fifty-two week low of $2.13 and a fifty-two week high of $15.96. The firm’s 50-day simple moving average is $3.09 and its 200 day simple moving average is $4.79. The stock has a market cap of $1.75 billion, a PE ratio of -0.66 and a beta of 1.85.

Canopy Growth (NASDAQ:CGCGet Rating) last released its quarterly earnings data on Friday, August 5th. The company reported ($5.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.95). Canopy Growth had a negative return on equity of 25.21% and a negative net margin of 558.27%. The firm had revenue of $122.90 million during the quarter, compared to analyst estimates of $113.45 million. During the same period last year, the business earned ($0.13) EPS. The firm’s revenue was down 9.8% on a year-over-year basis. As a group, sell-side analysts predict that Canopy Growth will post -0.91 EPS for the current year.

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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Analyst Recommendations for Canopy Growth (NASDAQ:CGC)

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