Alliance Global Partners Trims Canopy Growth (NASDAQ:CGC) Target Price to $40.00


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Canopy Growth (NASDAQ:CGC) had its price target reduced by analysts at Alliance Global Partners from $60.00 to $40.00 in a report released on Thursday, The Fly reports. The firm presently has a “neutral” rating on the stock. Alliance Global Partners’ price objective points to a potential upside of 33.60% from the company’s current price.

A number of other research analysts have also recently commented on the stock. Canaccord Genuity cut shares of Canopy Growth from a “hold” rating to a “sell” rating and upped their price target for the stock from $25.00 to $32.00 in a report on Wednesday, February 10th. They noted that the move was a valuation call. BMO Capital Markets restated a “market perform” rating on shares of Canopy Growth in a report on Wednesday, February 10th. Piper Sandler cut shares of Canopy Growth from an “overweight” rating to a “neutral” rating and set a $27.00 price target on the stock. in a report on Friday, February 5th. Jefferies Financial Group lowered shares of Canopy Growth from a “hold” rating to an “underperform” rating in a research note on Wednesday, February 24th. Finally, Cantor Fitzgerald upped their price objective on shares of Canopy Growth from $50.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 10th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $36.61.

CGC stock opened at $29.94 on Thursday. Canopy Growth has a one year low of $12.95 and a one year high of $56.50. The company’s fifty day moving average price is $33.76 and its 200-day moving average price is $30.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 5.84 and a current ratio of 7.06. The company has a market capitalization of $11.44 billion, a PE ratio of -8.96 and a beta of 2.44.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results on Monday, February 8th. The company reported ($2.43) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($2.22). The company had revenue of $153.00 million during the quarter, compared to the consensus estimate of $149.94 million. Canopy Growth had a negative return on equity of 13.11% and a negative net margin of 312.84%. The company’s revenue for the quarter was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.35) earnings per share. On average, research analysts predict that Canopy Growth will post -0.5 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Canopy Growth by 24.0% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 4,140 shares of the company’s stock valued at $102,000 after buying an additional 800 shares during the last quarter. Calton & Associates Inc. purchased a new position in shares of Canopy Growth in the 4th quarter valued at approximately $225,000. Allworth Financial LP raised its position in shares of Canopy Growth by 89.4% in the 4th quarter. Allworth Financial LP now owns 1,460 shares of the company’s stock valued at $36,000 after purchasing an additional 689 shares during the last quarter. V Wealth Advisors LLC purchased a new position in shares of Canopy Growth in the 4th quarter valued at approximately $1,159,000. Finally, NuWave Investment Management LLC raised its position in shares of Canopy Growth by 80.9% in the 4th quarter. NuWave Investment Management LLC now owns 24,218 shares of the company’s stock valued at $597,000 after purchasing an additional 10,831 shares during the last quarter. 10.18% of the stock is owned by institutional investors and hedge funds.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.

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Analyst Recommendations for Canopy Growth (NASDAQ:CGC)

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