Canopy Growth Corporation (NASDAQ:CGC) Given Average Recommendation of “Strong Sell” by Brokerages

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been given a consensus rating of “Strong Sell” by the five brokerages that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating on the company.

Several research analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Zacks Research raised Canopy Growth to a “hold” rating in a report on Tuesday, August 12th. Benchmark raised Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Wall Street Zen raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday, November 8th.

Insider Activity at Canopy Growth

In other Canopy Growth news, CEO Luc Mongeau bought 27,469 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was purchased at an average cost of $1.82 per share, with a total value of $49,993.58. Following the completion of the purchase, the chief executive officer owned 812,368 shares in the company, valued at approximately $1,478,509.76. The trade was a 3.50% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 23,075 shares of company stock valued at $36,459. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Canopy Growth

A number of large investors have recently added to or reduced their stakes in the company. Boothbay Fund Management LLC bought a new stake in Canopy Growth during the second quarter worth about $30,000. Midwest Trust Co acquired a new stake in shares of Canopy Growth during the third quarter worth $31,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Canopy Growth by 81.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock valued at $41,000 after purchasing an additional 14,498 shares during the period. Mackenzie Financial Corp increased its stake in Canopy Growth by 56.5% during the 1st quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock worth $47,000 after acquiring an additional 18,202 shares during the period. Finally, Genesee Capital Advisors LLC lifted its position in Canopy Growth by 166.1% during the third quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock worth $58,000 after purchasing an additional 25,000 shares during the period. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Up 3.7%

NASDAQ:CGC opened at $1.13 on Friday. The company has a market capitalization of $416.36 million, a price-to-earnings ratio of -0.58 and a beta of 0.40. Canopy Growth has a one year low of $0.77 and a one year high of $3.68. The stock has a 50-day simple moving average of $1.24 and a 200 day simple moving average of $1.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.23 and a current ratio of 5.50.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.10. Canopy Growth had a negative net margin of 113.21% and a negative return on equity of 61.97%. The company had revenue of $47.86 million during the quarter, compared to the consensus estimate of $71.82 million. Sell-side analysts predict that Canopy Growth will post -2.81 EPS for the current fiscal year.

Canopy Growth Company Profile

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.