Canopy Growth Corporation (NASDAQ:CGC) Given Consensus Rating of “Hold” by Brokerages

Canopy Growth Corporation (NASDAQ:CGC) has earned a consensus recommendation of “Hold” from the six ratings firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have given a buy recommendation to the company.

CGC has been the subject of several research reports. Canaccord Genuity Group began coverage on Canopy Growth in a research report on Friday, March 27th. They issued a “buy” rating for the company. Weiss Ratings lowered Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 14th. Finally, Wall Street Zen cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Sunday, March 29th.

Canopy Growth Trading Down 2.7%

Shares of CGC opened at $0.91 on Friday. The firm’s 50-day moving average price is $0.99 and its 200-day moving average price is $1.07. The firm has a market capitalization of $408.15 million, a price-to-earnings ratio of -1.54 and a beta of 0.79. The company has a current ratio of 3.34, a quick ratio of 2.64 and a debt-to-equity ratio of 0.31. Canopy Growth has a 1-year low of $0.84 and a 1-year high of $2.38.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Monday, June 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The company had revenue of $51.22 million during the quarter, compared to the consensus estimate of $53.43 million. Canopy Growth had a negative return on equity of 26.95% and a negative net margin of 75.27%. Sell-side analysts anticipate that Canopy Growth will post -0.11 EPS for the current year.

Insider Activity at Canopy Growth

In related news, CEO Luc Mongeau sold 135,231 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $131,174.07. Following the sale, the chief executive officer directly owned 1,723,913 shares of the company’s stock, valued at approximately $1,672,195.61. This represents a 7.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christelle Gedeon sold 58,994 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $57,224.18. Following the sale, the insider owned 705,506 shares of the company’s stock, valued at approximately $684,340.82. This represents a 7.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 224,958 shares of company stock worth $217,137 in the last 90 days. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Canopy Growth

Several institutional investors and hedge funds have recently made changes to their positions in CGC. Jones Financial Companies Lllp boosted its stake in Canopy Growth by 10,308.3% during the 1st quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock valued at $882,000 after purchasing an additional 960,218 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Canopy Growth by 64.6% during 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 last quarter. Murchinson Ltd. purchased a new stake in shares of Canopy Growth during the second quarter valued at $183,000. Boothbay Fund Management LLC bought a new stake in Canopy Growth in the 2nd quarter worth about $30,000. Finally, Tidal Investments LLC increased its holdings in Canopy Growth by 31.5% in the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock worth $6,141,000 after buying an additional 1,204,530 shares in 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.