Cann Begins Coverage on Canopy Growth (NYSE:CGC)

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Stock analysts at Cann assumed coverage on shares of Canopy Growth (NYSE:CGC) in a research report issued on Friday, October 12th, The Fly reports. The brokerage set a “sell” rating and a $30.00 price target on the marijuana producer’s stock. Cann’s price objective would suggest a potential downside of 19.22% from the stock’s current price. The analysts noted that the move was a valuation call.

A number of other equities research analysts also recently weighed in on the stock. Canaccord Genuity raised shares of Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Finally, Benchmark assumed coverage on shares of Canopy Growth in a research note on Tuesday, September 25th. They set a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $36.67.

Shares of Canopy Growth stock opened at $37.14 on Friday. Canopy Growth has a 12-month low of $12.48 and a 12-month high of $59.25. The stock has a market capitalization of $8.62 billion, a PE ratio of -116.06 and a beta of 3.70. The company has a current ratio of 6.84, a quick ratio of 5.53 and a debt-to-equity ratio of 0.50.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.19). Canopy Growth had a negative return on equity of 12.47% and a negative net margin of 159.94%. The firm had revenue of $20.09 million during the quarter, compared to analysts’ expectations of $21.04 million. On average, analysts anticipate that Canopy Growth will post -0.41 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of CGC. JW Asset Management LLC purchased a new position in shares of Canopy Growth during the second quarter worth approximately $37,819,000. Morgan Stanley bought a new position in shares of Canopy Growth in the second quarter worth approximately $35,365,000. TD Asset Management Inc. bought a new position in shares of Canopy Growth in the second quarter worth approximately $19,252,000. Indus Capital Partners LLC bought a new position in shares of Canopy Growth in the second quarter worth approximately $19,226,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Canopy Growth in the second quarter worth approximately $15,726,000. 7.37% of the stock is currently owned by hedge funds and other 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, Bedrocan Canada, CraftGrow, and Foria brand names.

Further Reading: What is Compound Annual Growth Rate (CAGR)?

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