Canopy Growth (NASDAQ:CGC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Canopy Growth (NASDAQ:CGC) from a sell rating to a hold rating in a research report released on Saturday.

A number of other brokerages have also weighed in on CGC. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, January 21st. ATB Cormark Capital Markets raised Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday, March 17th. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

Canopy Growth Stock Performance

Shares of CGC stock opened at $0.97 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34. Canopy Growth has a 52 week low of $0.77 and a 52 week high of $2.38. The company’s 50 day moving average price is $1.11 and its two-hundred day moving average price is $1.23. The company has a market capitalization of $390.38 million, a P/E ratio of -0.74 and a beta of 0.57.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Canopy Growth had a negative net margin of 94.39% and a negative return on equity of 46.85%. The company had revenue of $90.39 million during the quarter, compared to analyst estimates of $70.96 million. On average, analysts expect that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Two Sigma Securities LLC lifted its position in Canopy Growth by 4.4% during the 2nd quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock worth $343,000 after buying an additional 11,942 shares in the last quarter. Lake Street Private Wealth LLC grew its holdings in shares of Canopy Growth by 16.9% in the 4th quarter. Lake Street Private Wealth LLC now owns 90,300 shares of the company’s stock valued at $103,000 after acquiring an additional 13,050 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Canopy Growth by 23.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company’s stock valued at $84,000 after acquiring an additional 13,814 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Canopy Growth by 44.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 46,845 shares of the company’s stock worth $68,000 after acquiring an additional 14,509 shares in the last quarter. Finally, Midwest Trust Co bought a new stake in Canopy Growth during the third quarter worth about $31,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

About Canopy Growth

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.