Canopy Growth (NASDAQ:CGC) Raised to “Hold” at Wall Street Zen

Canopy Growth (NASDAQ:CGC) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Several other research firms have also issued reports on CGC. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. ATB Cormark Capital Markets raised Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Canopy Growth presently has an average rating of “Reduce”.

Canopy Growth Trading Down 6.5%

Shares of Canopy Growth stock opened at $0.94 on Friday. The company’s fifty day simple moving average is $1.11 and its 200-day simple moving average is $1.24. The stock has a market capitalization of $381.81 million, a PE ratio of -0.73 and a beta of 0.57. Canopy Growth has a 1-year low of $0.77 and a 1-year high of $2.38. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.34 and a quick ratio of 4.26.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data 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 business had revenue of $90.39 million for the quarter, compared to the consensus estimate of $70.96 million. As a group, equities analysts anticipate that Canopy Growth will post -2.81 earnings per share for the current year.

Hedge Funds Weigh In On Canopy Growth

A number of hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd bought a new stake in Canopy Growth during the 3rd quarter valued at approximately $815,000. Octavia Wealth Advisors LLC purchased a new stake in Canopy Growth during the 4th quarter valued at approximately $30,000. Sullivan Wood Capital Management LLC raised its position in shares of Canopy Growth by 212.5% during the fourth quarter. Sullivan Wood Capital Management LLC now owns 772,785 shares of the company’s stock valued at $881,000 after buying an additional 525,500 shares during the last quarter. Lake Street Private Wealth LLC lifted its holdings in shares of Canopy Growth by 16.9% in the fourth quarter. Lake Street Private Wealth LLC now owns 90,300 shares of the company’s stock worth $103,000 after buying an additional 13,050 shares in the last quarter. Finally, Insigneo Advisory Services LLC boosted its position in shares of Canopy Growth by 168.7% during the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock worth $63,000 after acquiring an additional 27,000 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.