Canopy Growth (NASDAQ:CGC) Lowered to “Underperform” at BMO Capital Markets

BMO Capital Markets cut shares of Canopy Growth (NASDAQ:CGC – Get Rating) from a market perform rating to an underperform rating in a report released on Wednesday morning, The Fly reports.

A number of other equities analysts also recently weighed in on the company. Canaccord Genuity Group dropped their target price on Canopy Growth from C$6.00 to C$4.50 in a report on Tuesday, May 31st. Oppenheimer reiterated a market perform rating on shares of Canopy Growth in a report on Wednesday, June 1st. Cfra restated a hold rating and issued a $10.00 price objective on shares of Canopy Growth in a report on Friday, May 27th. CIBC dropped their price objective on Canopy Growth from C$6.50 to C$5.00 in a report on Tuesday, May 31st. Finally, Piper Sandler dropped their price objective on Canopy Growth from $6.00 to $4.00 and set an underweight rating on the stock in a report on Tuesday, May 31st. Nine research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $10.20.

Shares of CGC opened at $4.13 on Wednesday. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -5.82 and a beta of 2.00. Canopy Growth has a fifty-two week low of $4.01 and a fifty-two week high of $26.80. The company has a debt-to-equity ratio of 0.42, a current ratio of 8.16 and a quick ratio of 7.20. The business’s 50-day moving average is $5.79 and its 200-day moving average is $7.49.

Canopy Growth (NASDAQ:CGC – Get Rating) last issued its earnings results on Friday, May 27th. The company reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($1.22). The business had revenue of $126.10 million during the quarter, compared to analyst estimates of $130.34 million. Canopy Growth had a negative net margin of 53.23% and a negative return on equity of 12.81%. Canopy Growth’s revenue for the quarter was down 24.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.66) EPS. Equities research analysts expect that Canopy Growth will post -0.71 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Marietta Investment Partners LLC bought a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $144,000. NuWave Investment Management LLC boosted its position in shares of Canopy Growth by 131.6% in the fourth quarter. NuWave Investment Management LLC now owns 27,275 shares of the company’s stock valued at $238,000 after acquiring an additional 15,498 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Canopy Growth by 11.1% in the third quarter. Dimensional Fund Advisors LP now owns 176,617 shares of the company’s stock valued at $2,448,000 after acquiring an additional 17,584 shares during the period. KRS Capital Management LLC bought a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $115,000. Finally, Capstone Triton Financial Group LLC boosted its position in shares of Canopy Growth by 9.2% in the third quarter. Capstone Triton Financial Group LLC now owns 75,623 shares of the company’s stock valued at $1,026,000 after acquiring an additional 6,374 shares during the period. 16.59% of the stock is owned by institutional investors.

About Canopy Growth (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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