Canopy Growth Corporation (NASDAQ:CGC) Given Average Recommendation of “Hold” by Brokerages

Shares of Canopy Growth Corporation (NASDAQ:CGC) have earned a consensus recommendation of “Hold” from the five ratings firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have assigned a buy recommendation to the company.

CGC has been the topic of several recent analyst reports. Wall Street Zen lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Weiss Ratings raised Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 26th.

Canopy Growth Stock Down 3.1%

Shares of CGC opened at $0.93 on Friday. The firm has a market cap of $417.85 million, a P/E ratio of -2.07 and a beta of 0.83. The stock’s 50 day moving average is $0.97 and its two-hundred day moving average is $1.02. The company has a current ratio of 3.04, a quick ratio of 2.39 and a debt-to-equity ratio of 0.31. Canopy Growth has a 12 month low of $0.84 and a 12 month high of $2.38.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data on Friday, August 7th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. The company had revenue of $142.62 million during the quarter, compared to analysts’ expectations of $58.21 million. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. Analysts predict that Canopy Growth will post -0.1 earnings per share for the current fiscal year.

Insider Transactions at Canopy Growth

In other Canopy Growth news, CEO Luc Mongeau sold 135,231 shares of Canopy Growth stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $131,174.07. Following the transaction, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at $1,672,195.61. The trade was a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christelle Gedeon sold 58,994 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total value of $57,224.18. Following the completion of the transaction, the insider owned 705,506 shares in the company, valued at $684,340.82. This trade represents a 7.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 240,533 shares of company stock valued at $240,032 over the last ninety days. 0.35% of the stock is owned by company insiders.

Hedge Funds Weigh In On Canopy Growth

A number of large investors have recently made changes to their positions in CGC. Royal Bank of Canada increased its holdings in Canopy Growth by 1,115.6% in the first quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock valued at $927,000 after buying an additional 895,680 shares in the last quarter. Lazard Asset Management LLC purchased a new position in Canopy Growth during the first quarter worth about $1,716,000. Caitong International Asset Management Co. Ltd increased its position in Canopy Growth by 723.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after purchasing an additional 4,037,281 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Canopy Growth in the 4th quarter worth $117,000. Finally, Mackenzie Financial Corp raised its holdings in shares of Canopy Growth by 173.0% in the 4th quarter. Mackenzie Financial Corp now owns 305,578 shares of the company’s stock worth $354,000 after purchasing an additional 193,633 shares during the period. Hedge funds and other institutional investors own 3.33% of the company’s stock.

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.