Canopy Growth Corporation (NASDAQ:CGC) Receives Average Rating of “Hold” from Brokerages

Shares of Canopy Growth Corporation (NASDAQ:CGC) have earned an average rating of “Hold” from the six analysts that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating on the company.

Several equities research analysts recently commented on the company. Wall Street Zen cut Canopy Growth from a “hold” rating to a “sell” rating in a report on Sunday, March 29th. Weiss Ratings cut Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 15th. Canaccord Genuity Group began coverage on Canopy Growth in a research note on Friday, March 27th. They set a “buy” rating for the company. Finally, 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.

Canopy Growth Stock Performance

NASDAQ CGC opened at $0.93 on Tuesday. The company has a market cap of $418.82 million, a PE ratio of -1.58 and a beta of 0.77. The stock’s 50 day simple moving average is $1.06 and its 200-day simple moving average is $1.12. Canopy Growth has a 1-year low of $0.84 and a 1-year high of $2.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.34 and a quick ratio of 2.64.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results on Monday, June 15th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.11). Canopy Growth had a negative net margin of 75.27% and a negative return on equity of 26.95%. The company had revenue of $51.22 million during the quarter, compared to analyst estimates of $53.43 million. As a group, equities research analysts anticipate that Canopy Growth will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Canopy Growth

In related news, CEO Luc Mongeau sold 135,231 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value of $131,174.07. Following the completion of the transaction, the chief executive officer directly owned 1,723,913 shares of the company’s stock, valued at $1,672,195.61. This represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christelle Gedeon sold 58,994 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $57,224.18. Following the sale, the insider owned 705,506 shares of the company’s stock, valued at $684,340.82. This represents a 7.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 218,615 shares of company stock valued at $211,452. 0.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CGC. Tidal Investments LLC increased its position in 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 buying an additional 1,204,530 shares during the period. Caitong International Asset Management Co. Ltd increased its position in Canopy Growth by 723.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after acquiring an additional 4,037,281 shares during the period. Millennium Management LLC increased its position in Canopy Growth by 196.9% in the 3rd quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock valued at $4,579,000 after acquiring an additional 2,080,994 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Canopy Growth by 19,571.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after acquiring an additional 2,011,917 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in Canopy Growth in the 1st quarter valued at about $1,716,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

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.