Canopy Growth (NASDAQ:CGC) Announces Earnings Results

Canopy Growth (NASDAQ:CGC) posted its quarterly earnings results on Monday. The company reported $999.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $999.06, Zacks reports. Canopy Growth had a negative net margin of 94.39% and a negative return on equity of 46.85%.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $1.00 on Monday. Canopy Growth has a 52 week low of $0.84 and a 52 week high of $2.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34. The company’s fifty day moving average is $1.08 and its 200-day moving average is $1.13. The company has a market capitalization of $404.12 million, a PE ratio of -0.77 and a beta of 0.77.

Institutional Investors Weigh In On Canopy Growth

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Montreal Can boosted its stake in shares of Canopy Growth by 122.7% in the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock valued at $29,000 after purchasing an additional 135,970 shares in the last quarter. Boothbay Fund Management LLC acquired a new position in Canopy Growth during the 2nd quarter worth about $30,000. WINTON GROUP Ltd acquired a new position in Canopy Growth during the 4th quarter worth about $63,000. Sender Co & Partners Inc. acquired a new position in Canopy Growth during the 3rd quarter worth about $63,000. Finally, Commonwealth Equity Services LLC lifted its position in Canopy Growth by 23.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company’s stock worth $84,000 after buying an additional 13,814 shares in the last quarter. Institutional investors and hedge funds own 3.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. ATB Cormark Capital Markets upgraded shares of Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday, March 17th. Canaccord Genuity Group assumed coverage on shares of Canopy Growth in a research note on Friday, March 27th. They issued a “buy” rating on the stock. Finally, Wall Street Zen downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Sunday, March 29th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Canopy Growth presently has an average rating of “Hold”.

About Canopy Growth

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.