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

Canopy Growth Corporation (NASDAQ:CGC) has received a consensus rating of “Reduce” from the five brokerages that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company.

CGC has been the topic of a number of research reports. Benchmark raised Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Wall Street Zen upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Finally, Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a research report on Monday, December 15th.

Canopy Growth Trading Up 1.7%

Shares of NASDAQ CGC opened at $1.21 on Tuesday. Canopy Growth has a twelve month low of $0.77 and a twelve month high of $3.07. The firm has a market cap of $445.84 million, a PE ratio of -0.62 and a beta of 0.40. The business has a fifty day simple moving average of $1.26 and a two-hundred day simple moving average of $1.30. The company has a quick ratio of 4.23, a current ratio of 5.50 and a debt-to-equity ratio of 0.31.

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

Institutional Trading of Canopy Growth

Several large investors have recently added to or reduced their stakes in CGC. CIBC Private Wealth Group LLC boosted its holdings in Canopy Growth by 35,753.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 100,032 shares of the company’s stock valued at $146,000 after purchasing an additional 99,753 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Canopy Growth in the third quarter valued at approximately $148,000. Caitong International Asset Management Co. Ltd acquired a new position in Canopy Growth during the 3rd quarter worth about $815,000. Sender Co & Partners Inc. purchased a new stake in Canopy Growth during the third quarter worth about $63,000. Finally, Millennium Management LLC increased its stake in Canopy Growth by 196.9% during the 3rd quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after buying an additional 2,080,994 shares during the period. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

About Canopy Growth

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.