Canopy Growth (NASDAQ:CGC) Price Target Lowered to $3.50 at Barclays

Canopy Growth (NASDAQ:CGCGet Rating) had its target price lowered by Barclays from $6.00 to $3.50 in a report issued on Wednesday, The Fly reports. The firm currently has an underweight rating on the stock.

Other analysts have also recently issued research reports about the stock. Cantor Fitzgerald increased their price target on shares of Canopy Growth from C$9.60 to C$11.00 and gave the stock a neutral rating in a research note on Friday, February 18th. CIBC reduced their target price on shares of Canopy Growth from C$6.50 to C$5.00 in a research note on Tuesday, May 31st. Canaccord Genuity Group reduced their target price on shares of Canopy Growth from C$6.00 to C$4.50 in a research note on Tuesday, May 31st. Cfra restated a hold rating and issued a $10.00 target price on shares of Canopy Growth in a research note on Friday, May 27th. Finally, Alliance Global Partners reduced their target price on shares of Canopy Growth from C$8.00 to C$7.00 in a research note on Friday, May 27th. Nine investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $10.20.

Shares of NASDAQ:CGC opened at $4.13 on Wednesday. The stock has a market cap of $1.66 billion, a P/E ratio of -5.82 and a beta of 2.00. The firm has a fifty day moving average price of $5.79 and a 200 day moving average price of $7.49. The company has a debt-to-equity ratio of 0.42, a current ratio of 8.16 and a quick ratio of 7.20. Canopy Growth has a 1-year low of $4.01 and a 1-year high of $26.80.

Canopy Growth (NASDAQ:CGCGet Rating) last issued its quarterly 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 for the quarter, compared to analyst estimates of $130.34 million. Canopy Growth had a negative return on equity of 12.81% and a negative net margin of 53.23%. The firm’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. Sell-side analysts expect that Canopy Growth will post -0.71 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Contrarius Investment Management Ltd increased its holdings in Canopy Growth by 147.8% during the 1st quarter. Contrarius Investment Management Ltd now owns 2,081,014 shares of the company’s stock valued at $15,774,000 after acquiring an additional 1,241,381 shares in the last quarter. Morgan Stanley increased its holdings in Canopy Growth by 34.5% during the 3rd quarter. Morgan Stanley now owns 2,813,222 shares of the company’s stock valued at $38,991,000 after acquiring an additional 722,277 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Canopy Growth during the 4th quarter valued at about $5,257,000. ETF Managers Group LLC increased its holdings in Canopy Growth by 10.7% during the 4th quarter. ETF Managers Group LLC now owns 6,052,662 shares of the company’s stock valued at $54,111,000 after acquiring an additional 586,900 shares in the last quarter. Finally, Prentice Capital Management LP purchased a new position in Canopy Growth during the 1st quarter valued at about $3,962,000. Hedge funds and other institutional investors own 16.59% of the company’s stock.

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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