Cann assumed coverage on shares of Canopy Growth (NYSE:CGC) in a research report released on Friday morning, The Fly reports. The firm issued a sell rating and a $30.00 target price on the marijuana producer’s stock. The analysts noted that the move was a valuation call.
Several other analysts also recently weighed in on CGC. Canaccord Genuity upgraded Canopy Growth from a hold rating to a buy rating in a research report on Thursday, August 16th. Zacks Investment Research downgraded Canopy Growth from a hold rating to a sell rating in a report on Tuesday, August 28th. Finally, Benchmark assumed coverage on Canopy Growth in a report on Tuesday, September 25th. They set a buy rating for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $24.50.
CGC stock traded up $2.66 during midday trading on Friday, hitting $49.80. The company had a trading volume of 7,969,538 shares, compared to its average volume of 4,847,216. Canopy Growth has a 52 week low of $9.37 and a 52 week high of $56.60. The company has a market capitalization of $11.19 billion, a P/E ratio of -155.63 and a beta of 3.17.
Several institutional investors have recently made changes to their positions in the stock. Kiley Juergens Wealth Management LLC raised its holdings in shares of Canopy Growth by 867.2% during the third quarter. Kiley Juergens Wealth Management LLC now owns 2,418 shares of the marijuana producer’s stock valued at $117,000 after acquiring an additional 2,168 shares in the last quarter. First Manhattan Co. bought a new position in shares of Canopy Growth during the second quarter valued at approximately $115,000. Bouchey Financial Group Ltd bought a new position in shares of Canopy Growth during the third quarter valued at approximately $217,000. Flagship Harbor Advisors LLC bought a new position in shares of Canopy Growth during the second quarter valued at approximately $164,000. Finally, Thompson Davis & CO. Inc. bought a new position in shares of Canopy Growth during the second quarter valued at approximately $169,000. Institutional investors own 7.12% of the company’s stock.
Canopy Growth Company Profile
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, Bedrocan Canada, CraftGrow, and Foria brand names.
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