MKM Partners began coverage on shares of Canopy Growth (NYSE:CGC) in a research report released on Thursday morning, The Fly reports. The brokerage issued a neutral rating on the marijuana producer’s stock.
CGC has been the subject of several other research reports. Evercore ISI assumed coverage on Canopy Growth in a research report on Wednesday, June 12th. They issued an outperform rating and a $107.57 target price for the company. Piper Jaffray Companies decreased their target price on Canopy Growth from $54.00 to $49.00 and set an overweight rating for the company in a research report on Friday, August 16th. Oppenheimer assumed coverage on Canopy Growth in a research report on Tuesday, September 17th. They issued a market perform rating for the company. Bryan, Garnier & Co cut Canopy Growth from a buy rating to a neutral rating in a research report on Friday, July 5th. Finally, Compass Point assumed coverage on Canopy Growth in a research report on Monday, June 10th. They issued a neutral rating and a $43.76 target price for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $53.86.
CGC opened at $25.56 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 10.37 and a quick ratio of 9.03. The business has a fifty day simple moving average of $27.92 and a 200-day simple moving average of $38.97. Canopy Growth has a fifty-two week low of $22.76 and a fifty-two week high of $59.25.
Canopy Growth (NYSE:CGC) last released its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The company had revenue of $70.74 million for the quarter, compared to the consensus estimate of $71.06 million. Canopy Growth had a negative return on equity of 13.01% and a negative net margin of 647.47%. As a group, equities analysts expect that Canopy Growth will post -2.09 EPS for the current year.
Several large investors have recently made changes to their positions in the stock. River & Mercantile Asset Management LLP purchased a new stake in shares of Canopy Growth during the second quarter worth $7,566,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Canopy Growth by 23.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 192,644 shares of the marijuana producer’s stock worth $7,794,000 after acquiring an additional 36,414 shares in the last quarter. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in shares of Canopy Growth during the second quarter worth $52,000. Mackenzie Financial Corp raised its holdings in Canopy Growth by 61.6% during the second quarter. Mackenzie Financial Corp now owns 17,701 shares of the marijuana producer’s stock valued at $714,000 after buying an additional 6,748 shares in the last quarter. Finally, Griffin Asset Management Inc. bought a new position in Canopy Growth during the second quarter valued at about $76,000. Institutional investors and hedge funds own 9.27% of the company’s stock.
About Canopy Growth
Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.
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