Eight Capital Downgrades Canopy Growth (NYSE:CGC) to Hold

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Eight Capital lowered shares of Canopy Growth (NYSE:CGC) to a hold rating in a research note published on Friday morning, TipRanks reports. The brokerage currently has $25.00 price objective on the marijuana producer’s stock.

Other analysts have also issued research reports about the company. Zacks Investment Research upgraded Canopy Growth from a hold rating to a buy rating and set a $23.00 target price for the company in a report on Thursday, October 31st. Oppenheimer initiated coverage on Canopy Growth in a report on Tuesday, September 17th. They issued a market perform rating for the company. Cantor Fitzgerald initiated coverage on Canopy Growth in a report on Tuesday, November 5th. They issued a neutral rating for the company. Compass Point reduced their target price on Canopy Growth from $24.00 to $17.00 and set a neutral rating for the company in a report on Friday, November 15th. Finally, Canaccord Genuity restated a buy rating on shares of Canopy Growth in a report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $42.16.

Shares of NYSE CGC opened at $18.14 on Friday. The stock has a fifty day moving average price of $19.31 and a two-hundred day moving average price of $29.94. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.04 and a current ratio of 8.38. The firm has a market cap of $6.32 billion, a P/E ratio of -11.41 and a beta of 3.60. Canopy Growth has a 1 year low of $13.81 and a 1 year high of $52.74.

Canopy Growth (NYSE:CGC) last released its quarterly earnings data on Thursday, November 14th. The marijuana producer reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.55). The company had revenue of $58.03 million for the quarter, compared to the consensus estimate of $77.10 million. Canopy Growth had a negative return on equity of 13.44% and a negative net margin of 542.66%. On average, research analysts predict that Canopy Growth will post -1.45 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Canopy Growth by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 4,983,838 shares of the marijuana producer’s stock worth $200,899,000 after acquiring an additional 125,275 shares during the period. ETF Managers Group LLC bought a new stake in Canopy Growth during the 2nd quarter worth about $82,823,000. Morgan Stanley lifted its position in Canopy Growth by 4.2% during the 2nd quarter. Morgan Stanley now owns 2,043,350 shares of the marijuana producer’s stock worth $82,368,000 after buying an additional 82,122 shares in the last quarter. TD Asset Management Inc. raised its holdings in shares of Canopy Growth by 3.8% in the 2nd quarter. TD Asset Management Inc. now owns 792,827 shares of the marijuana producer’s stock valued at $32,077,000 after purchasing an additional 29,224 shares during the period. Finally, Swiss National Bank raised its holdings in shares of Canopy Growth by 5.2% in the 2nd quarter. Swiss National Bank now owns 759,400 shares of the marijuana producer’s stock valued at $30,657,000 after purchasing an additional 37,500 shares during the period. 10.15% of the stock is 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, CraftGrow, and Foria brand names.

See Also: What are Institutional Investors?

Analyst Recommendations for Canopy Growth (NYSE:CGC)

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