TheStreet Lowers Canopy Growth (NYSE:CGC) to D+

TheStreet lowered shares of Canopy Growth (NYSE:CGC) from a c- rating to a d+ rating in a research report report published on Wednesday morning, TheStreetRatingsTable reports.

Other equities research analysts also recently issued research reports about the stock. Bryan, Garnier & Co downgraded shares of Canopy Growth from a buy rating to a neutral rating in a research note on Friday, July 5th. Seaport Global Securities raised shares of Canopy Growth from a neutral rating to a buy rating and set a $31.00 target price on the stock in a research note on Monday, August 26th. Bank of America downgraded shares of Canopy Growth from a buy rating to a neutral rating and set a $27.00 target price on the stock. in a research note on Friday, September 27th. Piper Jaffray Companies reduced their target price on shares of Canopy Growth from $49.00 to $40.00 and set an overweight rating on the stock in a research note on Tuesday, October 1st. Finally, Canaccord Genuity reaffirmed a buy rating on shares of Canopy Growth in a research note on Friday, August 16th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $50.94.

Shares of CGC opened at $19.43 on Wednesday. Canopy Growth has a twelve month low of $20.42 and a twelve month high of $59.25. The company has a market cap of $6.76 billion, a P/E ratio of -12.22 and a beta of 3.77. The company has a current ratio of 10.37, a quick ratio of 9.03 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $24.74 and its 200-day simple moving average is $36.58.

Canopy Growth (NYSE:CGC) last announced its earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.06. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. The business had revenue of $67.65 million for the quarter, compared to the consensus estimate of $85.97 million. Analysts predict that Canopy Growth will post -2.09 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. Kistler Tiffany Companies LLC increased its stake in Canopy Growth by 43.0% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 1,097 shares of the marijuana producer’s stock worth $44,000 after buying an additional 330 shares during the period. AllSquare Wealth Management LLC increased its position in Canopy Growth by 8.3% during the 2nd quarter. AllSquare Wealth Management LLC now owns 4,500 shares of the marijuana producer’s stock valued at $182,000 after purchasing an additional 344 shares during the period. Tradewinds Capital Management LLC increased its position in Canopy Growth by 41.9% during the 2nd quarter. Tradewinds Capital Management LLC now owns 1,202 shares of the marijuana producer’s stock valued at $48,000 after purchasing an additional 355 shares during the period. Pictet Asset Management Ltd. increased its position in Canopy Growth by 0.5% during the 2nd quarter. Pictet Asset Management Ltd. now owns 77,571 shares of the marijuana producer’s stock valued at $3,138,000 after purchasing an additional 400 shares during the period. Finally, Oppenheimer & Co. Inc. increased its position in Canopy Growth by 0.7% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 58,845 shares of the marijuana producer’s stock valued at $2,371,000 after purchasing an additional 411 shares during the period. 9.27% of the stock is currently owned by institutional investors.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.

See Also: P/E Growth (PEG)

Analyst Recommendations for Canopy Growth (NYSE:CGC)

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit