Canopy Growth Corporation (CGC) – What Are Brokerages Thinking About This Stock?

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been given an average recommendation of “Hold” by the five analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company.

A number of equities analysts have weighed in on CGC shares. Weiss Ratings downgraded shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 16th. Wall Street Zen cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Saturday, October 17th.

Hedge Funds Weigh In On Canopy Growth

A hedge fund recently bought a new position in Canopy Growth stock. Lazard Asset Management LLC purchased a new stake in Canopy Growth Corporation (NASDAQ:CGC) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,807,986 shares of the company’s stock, valued at approximately $1,716,000. Lazard Asset Management LLC owned approximately 0.45% of Canopy Growth as of its most recent filing with the Securities and Exchange Commission (SEC). 3.33% of the stock is owned by institutional investors.

Canopy Growth Stock Performance

CGC opened at $0.65 on Monday. 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 stock’s 50 day simple moving average is $0.87 and its 200 day simple moving average is $1.00. Canopy Growth has a 1-year low of $0.64 and a 1-year high of $2.38. The stock has a market cap of $293.17 million, a P/E ratio of -1.45 and a beta of 0.78.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. The company 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%. As a group, equities analysts anticipate that Canopy Growth will post -0.10 EPS for the current fiscal year.

Canopy Growth Company Profile

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013, the company operates in the production, distribution and sale of cannabis and cannabis-related products for adult-use and medical markets.

Its product portfolio includes dried cannabis flower, pre-rolls, cannabis oils, softgels, vapes, beverages and edibles. Canopy Growth markets products under several brands, including Tweed, 7ACRES, Doja and Deep Space, with offerings designed for different consumer preferences and product segments.

Canopy Growth primarily serves the Canadian recreational and medical cannabis markets and has pursued international opportunities in selected medical-cannabis markets.