Canopy Growth (NASDAQ:CGC) Hits New 12-Month Low at $1.97

Canopy Growth Co. (NASDAQ:CGC – Get Rating)’s stock price reached a new 52-week low during trading on Friday . The company traded as low as $1.97 and last traded at $1.98, with a volume of 633614 shares trading hands. The stock had previously closed at $2.04.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. CIBC dropped their price objective on Canopy Growth from C$2.50 to C$1.75 in a research note on Friday, February 10th. Roth Capital reissued a “buy” rating on shares of Canopy Growth in a research note on Monday, February 13th. Cantor Fitzgerald lowered their target price on Canopy Growth from $3.30 to $3.20 and set a “neutral” rating for the company in a research note on Friday, February 17th. Finally, Alliance Global Partners lowered their target price on Canopy Growth from C$4.50 to C$3.50 in a research note on Thursday, February 9th. Six analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.53.

Canopy Growth Trading Down 2.0 %

The company has a 50 day simple moving average of $2.48 and a 200 day simple moving average of $2.87. The company has a current ratio of 1.73, a quick ratio of 1.41 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $994.08 million, a PE ratio of -0.33 and a beta of 2.08.

Hedge Funds Weigh In On Canopy Growth

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cibc World Market Inc. grew its holdings in shares of Canopy Growth by 7.8% in the 2nd quarter. Cibc World Market Inc. now owns 152,801 shares of the company’s stock worth $434,000 after acquiring an additional 11,055 shares during the period. PCG Wealth Advisors LLC grew its holdings in shares of Canopy Growth by 90.7% in the 3rd quarter. PCG Wealth Advisors LLC now owns 95,276 shares of the company’s stock worth $262,000 after acquiring an additional 45,308 shares during the period. Cerity Partners LLC acquired a new stake in shares of Canopy Growth in the 2nd quarter worth approximately $178,000. Vontobel Holding Ltd. grew its holdings in shares of Canopy Growth by 48.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 111,507 shares of the company’s stock worth $302,000 after acquiring an additional 36,500 shares during the period. Finally, QCM Cayman Ltd. acquired a new stake in shares of Canopy Growth in the 3rd quarter worth approximately $62,000. Institutional investors and hedge funds own 15.82% of the company’s stock.

Canopy Growth Company Profile

(Get Rating)

Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.