Piper Sandler Cuts Canopy Growth (NASDAQ:CGC) Price Target to $2.00

Canopy Growth (NASDAQ:CGCGet Free Report) had its price target reduced by Piper Sandler from $3.00 to $2.00 in a research report issued on Tuesday, MarketBeat.com reports. The firm presently has an “underweight” rating on the stock. Piper Sandler’s price target would indicate a potential downside of 68.40% from the stock’s current price.

Separately, Atb Cap Markets upgraded Canopy Growth to a “hold” rating in a report on Monday, June 17th.

Check Out Our Latest Stock Analysis on CGC

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $6.33 on Tuesday. Canopy Growth has a one year low of $2.76 and a one year high of $19.20. The stock has a fifty day moving average of $8.08 and a 200-day moving average of $6.44. The company has a market capitalization of $482.33 million, a PE ratio of -0.99 and a beta of 0.93. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.25 and a current ratio of 1.58.

Canopy Growth (NASDAQ:CGCGet Free Report) last released its earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.05. The company had revenue of $53.99 million during the quarter, compared to analyst estimates of $52.71 million. Canopy Growth had a negative return on equity of 62.67% and a negative net margin of 185.77%. As a group, equities analysts anticipate that Canopy Growth will post -1.08 EPS for the current fiscal year.

Insider Transactions at Canopy Growth

In other news, Director Willy Kruh sold 3,738 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $9.94, for a total value of $37,155.72. Following the transaction, the director now directly owns 17,295 shares of the company’s stock, valued at $171,912.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders have sold 7,545 shares of company stock valued at $67,997. 0.35% of the stock is owned by insiders.

Hedge Funds Weigh In On Canopy Growth

Several hedge funds have recently bought and sold shares of the business. Genesee Capital Advisors LLC increased its position in Canopy Growth by 29.9% during the first quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock worth $113,000 after buying an additional 3,000 shares during the last quarter. PCG Wealth Advisors LLC increased its position in Canopy Growth by 73.6% during the first quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after buying an additional 13,300 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in Canopy Growth during the first quarter worth $289,000. Gainplan LLC acquired a new position in Canopy Growth during the first quarter worth $302,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Canopy Growth during the first quarter worth $475,000. 3.33% of the stock is owned by institutional investors and hedge funds.

Canopy Growth Company Profile

(Get Free Report)

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.

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