Canopy Growth (NASDAQ:CGC) Posts Earnings Results, Beats Estimates By $999.06 EPS

Canopy Growth (NASDAQ:CGC) posted its quarterly earnings data on Monday. The company reported $999.00 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $999.06, Zacks reports. Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%.

Canopy Growth Price Performance

Shares of CGC opened at $1.00 on Monday. Canopy Growth has a 52-week low of $0.84 and a 52-week high of $2.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34. The business’s 50 day moving average price is $1.08 and its two-hundred day moving average price is $1.13. The firm has a market cap of $404.12 million, a PE ratio of -0.77 and a beta of 0.77.

Hedge Funds Weigh In On Canopy Growth

A number of institutional investors have recently modified their holdings of the company. Tidal Investments LLC raised its position in shares of Canopy Growth by 31.5% during the second quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock worth $6,141,000 after purchasing an additional 1,204,530 shares during the period. Millennium Management LLC raised its position in shares of Canopy Growth by 196.9% during the third quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after purchasing an additional 2,080,994 shares during the period. Two Sigma Investments LP acquired a new position in shares of Canopy Growth during the third quarter worth approximately $1,767,000. Headlands Technologies LLC raised its position in shares of Canopy Growth by 355.0% during the fourth quarter. Headlands Technologies LLC now owns 987,809 shares of the company’s stock worth $1,126,000 after purchasing an additional 770,717 shares during the period. Finally, Jones Financial Companies Lllp raised its position in shares of Canopy Growth by 10,308.3% during the first quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock worth $882,000 after purchasing an additional 960,218 shares during the period. 3.33% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on CGC. Wall Street Zen lowered Canopy Growth from a “hold” rating to a “sell” rating in a research note on Sunday, March 29th. Canaccord Genuity Group initiated coverage on Canopy Growth in a research note on Friday, March 27th. They issued a “buy” rating on the stock. 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, Weiss Ratings raised Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

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.