Canopy Growth (NASDAQ:CGC) Cut to Sell at Wall Street Zen

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

Several other equities research analysts have also weighed in on CGC. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, January 21st. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th. Canaccord Genuity Group started coverage on Canopy Growth in a report on Friday. They set a “buy” rating for the company. Finally, ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Canopy Growth Stock Down 2.9%

NASDAQ CGC opened at $0.89 on Friday. Canopy Growth has a 12 month low of $0.77 and a 12 month high of $2.38. The company has a market capitalization of $361.04 million, a P/E ratio of -0.69 and a beta of 0.57. The company’s 50 day simple moving average is $1.09 and its 200 day simple moving average is $1.22. 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 earnings results on Friday, February 6th. The company reported ($0.10) earnings per share 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%. Equities research analysts expect that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new stake in Canopy Growth during the 3rd quarter valued at $815,000. Octavia Wealth Advisors LLC purchased a new stake in shares of Canopy Growth in the fourth quarter valued at $30,000. Sullivan Wood Capital Management LLC boosted its position in shares of Canopy Growth by 212.5% in the fourth quarter. Sullivan Wood Capital Management LLC now owns 772,785 shares of the company’s stock worth $881,000 after buying an additional 525,500 shares during the period. Lake Street Private Wealth LLC boosted its position 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 during the period. Finally, Insigneo Advisory Services LLC grew its holdings 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 valued at $63,000 after buying an additional 27,000 shares in the last quarter. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Company Profile

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.