Canopy Growth Co. (NASDAQ:CGC – Get Rating) has earned an average recommendation of “Hold” from the seventeen brokerages that are presently covering the company, Marketbeat reports. Eight equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $5.12.
A number of equities analysts have recently weighed in on the company. Piper Sandler lowered their price target on Canopy Growth from $3.00 to $2.50 and set an “underweight” rating for the company in a report on Monday, August 8th. Sanford C. Bernstein assumed coverage on Canopy Growth in a report on Tuesday, November 1st. They set an “underperform” rating and a $1.50 price target for the company. Cantor Fitzgerald increased their price target on Canopy Growth from $2.90 to $3.05 and gave the stock a “neutral” rating in a report on Wednesday, October 26th. Alliance Global Partners lifted their target price on Canopy Growth from C$3.50 to C$4.00 in a research report on Tuesday, October 25th. Finally, Barclays dropped their target price on Canopy Growth from $3.50 to $2.00 and set an “underweight” rating for the company in a research report on Friday, September 30th.
Institutional Investors Weigh In On Canopy Growth
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Traynor Capital Management Inc. purchased a new stake in Canopy Growth in the third quarter valued at approximately $27,000. Atlas Brown Inc. purchased a new stake in shares of Canopy Growth during the third quarter worth approximately $28,000. Elwood & Goetz Wealth Advisory Group LLC purchased a new stake in shares of Canopy Growth during the third quarter worth approximately $28,000. Prospera Financial Services Inc purchased a new stake in shares of Canopy Growth during the first quarter worth approximately $29,000. Finally, Pure Financial Advisors LLC purchased a new stake in shares of Canopy Growth during the second quarter worth approximately $29,000. Hedge funds and other institutional investors own 10.02% of the company’s stock.
Canopy Growth Stock Up 0.6 %
Canopy Growth Company Profile
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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