Canopy Growth (NASDAQ:CGC) Research Coverage Started at Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Canopy Growth (NASDAQ:CGC) in a research report sent to investors on Friday morning, Marketbeat.com reports. The brokerage issued a buy rating on the stock.

Several other brokerages have also issued reports on CGC. Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Alliance Global Partners reiterated a “neutral” rating on shares of Canopy Growth in a research note on Saturday, February 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. Finally, ATB Cormark Capital Markets raised Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $0.89 on Friday. 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 moving average is $1.09 and its 200 day moving average is $1.22. 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 has a fifty-two week low of $0.77 and a fifty-two week high of $2.38.

Canopy Growth (NASDAQ:CGC) last posted 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). The company had revenue of $90.39 million for the quarter, compared to analysts’ expectations of $70.96 million. Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%. On average, equities research analysts forecast that Canopy Growth will post -2.81 earnings per share for the current year.

Institutional Trading of Canopy Growth

Several hedge funds and other institutional investors have recently modified their holdings of CGC. Bank of Montreal Can boosted its holdings in Canopy Growth by 122.7% in the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock worth $29,000 after buying an additional 135,970 shares during the period. Octavia Wealth Advisors LLC purchased a new position in Canopy Growth in the 4th quarter valued at approximately $30,000. Boothbay Fund Management LLC bought a new stake in Canopy Growth during the 2nd quarter valued at $30,000. Midwest Trust Co bought a new stake in Canopy Growth during the 3rd quarter valued at $31,000. Finally, PCG Wealth Advisors LLC purchased a new stake in shares of Canopy Growth during the fourth quarter worth $32,000. Institutional investors 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.