Canopy Growth Corporation (NASDAQ:CGC) Given Average Recommendation of “Hold” by Brokerages

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have issued a buy recommendation on the company.

A number of equities research analysts have recently weighed in on CGC shares. Weiss Ratings downgraded Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 15th. Canaccord Genuity Group assumed coverage on shares of Canopy Growth in a research note on Friday, March 27th. They set a “buy” rating on the stock. Wall Street Zen lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Sunday, March 29th. Finally, ATB Cormark Capital Markets upgraded shares of Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday, March 17th.

Insider Activity

In other news, CEO Luc Mongeau sold 135,231 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $131,174.07. Following the completion of the sale, the chief executive officer owned 1,723,913 shares in the company, valued at approximately $1,672,195.61. This represents a 7.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Christelle Gedeon sold 58,994 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value 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 trade represents a 7.72% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 218,615 shares of company stock valued at $211,452. 0.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Canopy Growth

Several large investors have recently made changes to their positions in CGC. Bank of Montreal Can lifted its stake in shares of Canopy Growth by 122.7% in the fourth 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 last quarter. Octavia Wealth Advisors LLC acquired a new stake in shares of Canopy Growth in the fourth quarter worth $30,000. Boothbay Fund Management LLC acquired a new stake in shares of Canopy Growth in the second quarter worth $30,000. PCG Wealth Advisors LLC acquired a new stake in shares of Canopy Growth in the fourth quarter worth $32,000. Finally, Insigneo Advisory Services LLC lifted its stake in shares of Canopy Growth by 168.7% in the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock worth $63,000 after buying an additional 27,000 shares during the last quarter. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Down 1.0%

CGC opened at $0.96 on Tuesday. Canopy Growth has a fifty-two week low of $0.84 and a fifty-two week high of $2.38. The business has a 50-day moving average of $1.08 and a 200-day moving average of $1.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.34 and a quick ratio of 2.64. The company has a market capitalization of $386.78 million, a PE ratio of -1.62 and a beta of 0.77.

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

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.