Canopy Growth Corporation (NASDAQ:CGC) Receives Average Recommendation of “Reduce” from Analysts

Shares of Canopy Growth Corporation (NASDAQ:CGC) have earned a consensus rating of “Reduce” from the five brokerages that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company.

A number of analysts have weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, January 21st. Wall Street Zen cut Canopy Growth from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a report on Saturday, February 7th. Finally, Benchmark raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, November 10th.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $1.09 on Wednesday. The firm has a market capitalization of $440.49 million, a PE ratio of -0.84 and a beta of 0.56. The company has a current ratio of 5.34, a quick ratio of 4.26 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $1.24 and its 200-day moving average is $1.29. Canopy Growth has a 1-year low of $0.77 and a 1-year high of $2.38.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, February 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). The business had revenue of $90.39 million for the quarter, compared to the consensus estimate of $70.96 million. Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%. Sell-side analysts predict that Canopy Growth will post -2.81 earnings per share for the current year.

Hedge Funds Weigh In On Canopy Growth

Several institutional investors have recently modified their holdings of CGC. SBI Securities Co. Ltd. lifted its position in Canopy Growth by 47.6% in the 2nd quarter. SBI Securities Co. Ltd. now owns 532,541 shares of the company’s stock valued at $650,000 after acquiring an additional 171,803 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of Canopy Growth by 58.5% during the 2nd quarter. TD Asset Management Inc now owns 178,719 shares of the company’s stock worth $220,000 after buying an additional 65,998 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its stake in shares of Canopy Growth by 112.4% during the 3rd quarter. Baader Bank Aktiengesellschaft now owns 275,090 shares of the company’s stock worth $402,000 after buying an additional 145,547 shares during the last quarter. Midwest Trust Co bought a new position in shares of Canopy Growth in the 3rd quarter valued at about $31,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Canopy Growth by 44.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 46,845 shares of the company’s stock valued at $68,000 after acquiring an additional 14,509 shares during the last quarter. Institutional investors own 3.33% of the company’s stock.

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.