Canopy Growth (NASDAQ:CGC) Raised to “Hold” at Wall Street Zen

Canopy Growth (NASDAQ:CGC) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings cut shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 16th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold”.

Canopy Growth Price Performance

NASDAQ CGC opened at $0.94 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.04 and a quick ratio of 2.39. The firm has a market capitalization of $423.02 million, a price-to-earnings ratio of -2.09 and a beta of 0.83. The company has a 50 day simple moving average of $0.96 and a 200-day simple moving average of $1.01. Canopy Growth has a 52-week low of $0.84 and a 52-week high of $2.38.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CGC. Caitong International Asset Management Co. Ltd raised its stake in shares of Canopy Growth by 723.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after acquiring an additional 4,037,281 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Canopy Growth during the first quarter worth approximately $1,716,000. Royal Bank of Canada grew its holdings in Canopy Growth by 1,115.6% during the first quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock valued at $927,000 after purchasing an additional 895,680 shares during the last quarter. Finally, Foundations Investment Advisors LLC acquired a new position in Canopy Growth during the fourth quarter valued at approximately $485,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Company Profile

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and has developed a portfolio of cannabis brands serving both adult-use and medical markets.

Canopy Growth’s products include dried cannabis flower, pre-rolls, cannabis oils, softgels, edibles, beverages and vaporization products. Its brand portfolio has included Tweed, 7ACRES, Doja, Deep Space and other cannabis brands, as well as Storz & Bickel vaporization products.