Canopy Growth Corporation (NASDAQ:CGC) Given Consensus Recommendation of “Hold” by Analysts

Shares of Canopy Growth Corporation (NASDAQ:CGC) have received an average rating of “Hold” from the seven research firms that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company.

CGC has been the topic of several research analyst reports. Weiss Ratings cut shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 18th. Wall Street Zen cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. ATB Cormark Capital Markets upgraded shares of Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a report on Tuesday, March 17th. Canaccord Genuity Group started coverage on shares of Canopy Growth in a report on Friday, March 27th. They issued a “buy” rating on the stock. Finally, Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a report on Saturday, February 7th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CGC. Jones Financial Companies Lllp raised its holdings in Canopy Growth by 10,308.3% in the first quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock valued at $882,000 after buying an additional 960,218 shares during the period. Goldman Sachs Group Inc. raised its holdings in Canopy Growth by 64.6% in the first quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock valued at $301,000 after buying an additional 129,620 shares during the period. Murchinson Ltd. purchased a new position in Canopy Growth in the second quarter valued at approximately $183,000. Boothbay Fund Management LLC purchased a new position in Canopy Growth in the second quarter valued at approximately $30,000. Finally, Tidal Investments LLC raised its holdings in Canopy Growth by 31.5% in the second quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after buying an additional 1,204,530 shares during the period. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Price Performance

CGC opened at $1.12 on Friday. The company’s 50 day simple moving average is $1.06 and its 200 day simple moving average is $1.14. 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 1 year low of $0.84 and a 1 year high of $2.38. The stock has a market capitalization of $452.61 million, a PE ratio of -0.86 and a beta of 0.78.

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.