Canopy Growth (NASDAQ:CGC) Now Covered by Canaccord Genuity Group

Canaccord Genuity Group began coverage on shares of Canopy Growth (NASDAQ:CGC) in a research report released on Friday, MarketBeat.com reports. The brokerage issued a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a research note on Saturday, February 7th. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. ATB Cormark Capital Markets raised Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a report on Tuesday, March 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Canopy Growth currently has an average rating of “Hold”.

Canopy Growth Stock Performance

NASDAQ:CGC opened at $0.89 on Friday. The firm’s fifty day simple moving average is $1.09 and its 200-day simple moving average is $1.22. The company has a quick ratio of 4.26, a current ratio of 5.34 and a debt-to-equity ratio of 0.30. The stock has a market cap of $361.04 million, a PE ratio of -0.69 and a beta of 0.57. Canopy Growth has a fifty-two week low of $0.77 and a fifty-two week high of $2.38.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, February 6th. The company reported ($0.10) EPS 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. Analysts expect that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

Hedge funds have recently bought and sold shares of the stock. Midwest Trust Co acquired a new position in shares of Canopy Growth in the third quarter worth $31,000. Boothbay Fund Management LLC acquired a new stake in shares of Canopy Growth during the second quarter valued at $30,000. Bank of Montreal Can increased its position in Canopy Growth by 122.7% during the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock worth $29,000 after purchasing an additional 135,970 shares in the last quarter. Octavia Wealth Advisors LLC purchased a new stake in Canopy Growth during the 4th quarter worth about $30,000. Finally, PCG Wealth Advisors LLC acquired a new position in Canopy Growth in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

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.