Canopy Growth Co. (NASDAQ:CGC) Given Consensus Recommendation of “Reduce” by Brokerages

Canopy Growth Co. (NASDAQ:CGC – Get Rating) has earned an average recommendation of “Hold” from the sixteen brokerages that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $4.68.

A number of analysts have commented on CGC shares. Cantor Fitzgerald decreased their target price on Canopy Growth from $3.30 to $3.20 and set a “neutral” rating on the stock in a research report on Friday, February 17th. Piper Sandler cut their price target on Canopy Growth from $2.00 to $1.00 in a report on Tuesday, May 2nd. Sanford C. Bernstein raised Canopy Growth from an “underperform” rating to a “market perform” rating in a report on Tuesday, April 4th. Alliance Global Partners cut their price target on Canopy Growth from C$4.50 to C$3.50 in a report on Thursday, February 9th. Finally, CIBC cut their price target on Canopy Growth from C$2.50 to C$1.75 in a report on Friday, February 10th.

Canopy Growth Stock Down 15.9 %

Canopy Growth stock opened at $0.88 on Friday. Canopy Growth has a twelve month low of $0.87 and a twelve month high of $5.61. The stock has a 50 day moving average of $1.43 and a two-hundred day moving average of $2.32. The company has a current ratio of 1.73, a quick ratio of 1.41 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $468.19 million, a price-to-earnings ratio of -0.15 and a beta of 2.09.

Hedge Funds Weigh In On Canopy Growth

Several institutional investors have recently added to or reduced their stakes in the business. Toroso Investments LLC increased its stake in Canopy Growth by 38.2% during the first quarter. Toroso Investments LLC now owns 105,487 shares of the company’s stock worth $185,000 after acquiring an additional 29,145 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Canopy Growth by 49.0% during the first quarter. Ameriprise Financial Inc. now owns 1,867,002 shares of the company’s stock worth $3,267,000 after acquiring an additional 613,768 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Canopy Growth by 1,365.1% during the first quarter. JPMorgan Chase & Co. now owns 84,885 shares of the company’s stock worth $150,000 after acquiring an additional 79,091 shares during the last quarter. Squarepoint Ops LLC increased its stake in Canopy Growth by 217.1% during the first quarter. Squarepoint Ops LLC now owns 176,205 shares of the company’s stock worth $308,000 after acquiring an additional 120,636 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in Canopy Growth during the first quarter worth about $37,000. 15.82% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Company Profile

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Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.