Canopy Growth Corporation (NASDAQ:CGC) Stock Now Rated “Hold” by Wall Street Analysts

Canopy Growth Corporation (NASDAQ:CGC) has been assigned a consensus recommendation of “Hold” from the five research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company.

Several analysts have recently issued reports on the company. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday, September 26th. Weiss Ratings raised shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd.

Institutional Trading of Canopy Growth

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada lifted its stake in shares of Canopy Growth by 1,115.6% during the first quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock worth $927,000 after buying an additional 895,680 shares during the period. Lazard Asset Management LLC purchased a new position in Canopy Growth in the 1st quarter worth $1,716,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in Canopy Growth by 723.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after acquiring an additional 4,037,281 shares during the period. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Down 1.6%

Shares of CGC stock opened at $0.88 on Thursday. 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. The stock has a market cap of $393.81 million, a P/E ratio of -1.95 and a beta of 0.78. The company has a 50 day simple moving average of $0.96 and a two-hundred day simple moving average of $1.00.

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

Canopy Growth Company Profile

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and became one of Canada’s early large-scale licensed cannabis producers.

Canopy Growth develops, produces, distributes and sells cannabis products for the Canadian medical and adult-use markets. Its offerings include dried flower, pre-rolls, oils, softgels, vapes, beverages and edibles marketed under brands such as Tweed, 7ACRES, DOJA and Deep Space.