Canopy Growth Corporation (NASDAQ:CGC) Given Average Rating of “Reduce” by Analysts

Shares of Canopy Growth Corporation (NASDAQ:CGC) have received a consensus rating of “Reduce” from the six analysts that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating on the company.

A number of equities analysts recently commented on the stock. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th. Finally, Wall Street Zen cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Saturday, February 7th.

Canopy Growth Trading Down 0.5%

NASDAQ CGC opened at $1.02 on Friday. Canopy Growth has a one year low of $0.77 and a one year high of $2.38. The firm has a 50 day simple moving average of $1.12 and a 200-day simple moving average of $1.24. The firm has a market cap of $410.18 million, a price-to-earnings ratio of -0.78 and a beta of 0.57. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34.

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

Hedge Funds Weigh In On Canopy Growth

A number of institutional investors have recently modified their holdings of CGC. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Canopy Growth during the third quarter worth about $815,000. Octavia Wealth Advisors LLC acquired a new position in Canopy Growth in the 4th quarter valued at about $30,000. Sullivan Wood Capital Management LLC increased its position in Canopy Growth by 212.5% in the 4th quarter. Sullivan Wood Capital Management LLC now owns 772,785 shares of the company’s stock valued at $881,000 after acquiring an additional 525,500 shares during the period. Insigneo Advisory Services LLC raised its stake in Canopy Growth by 168.7% during the 3rd quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock valued at $63,000 after acquiring an additional 27,000 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in Canopy Growth by 20.3% during the 3rd quarter. TD Asset Management Inc now owns 214,967 shares of the company’s stock valued at $314,000 after acquiring an additional 36,248 shares during the last quarter. 3.33% of the stock is owned by institutional investors and hedge funds.

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.