Canopy Growth (NASDAQ:CGC) Shares Gap Down to $4.09

Canopy Growth Co. (NASDAQ:CGC – Get Rating) shares gapped down before the market opened on Tuesday . The stock had previously closed at $4.09, but opened at $3.93. Canopy Growth shares last traded at $4.05, with a volume of 62,192 shares.

CGC has been the subject of several recent analyst reports. CIBC decreased their price target on Canopy Growth from C$6.50 to C$5.00 in a research note on Tuesday, May 31st. Cowen decreased their target price on Canopy Growth to $5.00 and set a “buy” rating for the company in a research note on Monday, May 30th. Oppenheimer restated a “market perform” rating on shares of Canopy Growth in a research note on Wednesday, June 1st. Alliance Global Partners decreased their target price on Canopy Growth from C$8.00 to C$7.00 in a research note on Friday, May 27th. Finally, Canaccord Genuity Group decreased their target price on Canopy Growth from $12.00 to $10.00 in a research note on Thursday, February 10th. Nine analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $10.20.

The company has a current ratio of 8.16, a quick ratio of 7.20 and a debt-to-equity ratio of 0.42. The stock has a fifty day moving average price of $5.79 and a 200-day moving average price of $7.49. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -5.82 and a beta of 2.00.

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

A number of hedge funds have recently added to or reduced their stakes in CGC. Amundi Pioneer Asset Management Inc. increased its stake in shares of Canopy Growth by 6.7% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the company’s stock valued at $1,577,000 after buying an additional 2,296 shares during the period. Wells Fargo & Company MN increased its stake in shares of Canopy Growth by 7.6% in the 2nd quarter. Wells Fargo & Company MN now owns 29,817 shares of the company’s stock valued at $721,000 after buying an additional 2,107 shares during the period. Morgan Stanley increased its stake in shares of Canopy Growth by 4.5% in the 2nd quarter. Morgan Stanley now owns 2,090,945 shares of the company’s stock valued at $50,559,000 after buying an additional 89,385 shares during the period. First Republic Investment Management Inc. increased its stake in shares of Canopy Growth by 26.2% in the 3rd quarter. First Republic Investment Management Inc. now owns 12,608 shares of the company’s stock valued at $175,000 after buying an additional 2,619 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Canopy Growth by 36.9% in the 3rd quarter. Geode Capital Management LLC now owns 141,151 shares of the company’s stock valued at $1,985,000 after buying an additional 38,028 shares during the period. 16.59% of the stock is owned by hedge funds and other institutional investors.

About Canopy Growth (NASDAQ:CGC)

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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