Canopy Growth (NASDAQ:CGC) Hits New 1-Year Low After Analyst Downgrade

Canopy Growth Co. (NASDAQ:CGCGet Rating) hit a new 52-week low during mid-day trading on Thursday after BMO Capital Markets downgraded the stock from a market perform rating to an underperform rating. The company traded as low as $3.94 and last traded at $3.99, with a volume of 57821 shares traded. The stock had previously closed at $4.13.

A number of other equities analysts have also recently issued reports on the company. Benchmark cut Canopy Growth from a “hold” rating to a “sell” rating in a report on Friday, May 27th. Oppenheimer reiterated a “market perform” rating on shares of Canopy Growth in a report on Wednesday, June 1st. Canaccord Genuity Group lowered their price target on Canopy Growth from $12.00 to $10.00 in a report on Thursday, February 10th. Cantor Fitzgerald lifted their price target on Canopy Growth from C$9.60 to C$11.00 and gave the company a “neutral” rating in a report on Friday, February 18th. Finally, Zacks Investment Research downgraded Canopy Growth from a “buy” rating to a “hold” rating in a report on Tuesday, May 24th. Nine investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $10.20.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marietta Investment Partners LLC acquired a new stake in Canopy Growth during the fourth quarter valued at $144,000. NuWave Investment Management LLC lifted 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 worth $238,000 after buying an additional 15,498 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 worth $2,448,000 after buying an additional 17,584 shares during the last quarter. KRS Capital Management LLC acquired a new stake in shares of Canopy Growth in the fourth quarter worth about $115,000. Finally, Capstone Triton Financial Group LLC lifted 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 worth $1,026,000 after buying an additional 6,374 shares during the last quarter. 16.59% of the stock is owned by hedge funds and other institutional investors.

The business has a 50-day simple moving average of $5.72 and a two-hundred day simple moving average of $7.44. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -5.42 and a beta of 2.00. The company has a quick ratio of 7.20, a current ratio of 8.16 and a debt-to-equity ratio of 0.42.

Canopy Growth (NASDAQ:CGCGet Rating) last announced 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). 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 prior year, the firm earned ($0.66) EPS. Canopy Growth’s quarterly revenue was down 24.7% on a year-over-year basis. As a group, equities analysts anticipate that Canopy Growth Co. will post -0.71 earnings per share for the current year.

Canopy Growth Company Profile (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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