Canopy Growth Corporation (NASDAQ:CGC) Given Consensus Rating of “Hold” by Analysts

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been assigned an average rating of “Hold” from the five analysts that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating on the company.

Several research analysts have commented on CGC shares. Wall Street Zen upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings cut Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th.

Canopy Growth Trading Down 1.0%

Shares of CGC stock opened at $0.99 on Wednesday. The stock has a market capitalization of $443.80 million, a price-to-earnings ratio of -2.20 and a beta of 0.81. The company’s fifty day simple moving average is $0.96 and its two-hundred day simple moving average is $1.03. 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 3.04 and a quick ratio of 2.39.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results on Friday, August 7th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. Canopy Growth had a negative return on equity of 21.91% and a negative net margin of 65.33%.The firm had revenue of $142.62 million during the quarter, compared to analyst estimates of $58.21 million. As a group, analysts anticipate that Canopy Growth will post -0.1 earnings per share for the current year.

Insider Buying and Selling

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 shares were sold at an average price of $0.97, for a total transaction of $131,174.07. Following the sale, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at approximately $1,672,195.61. This represents a 7.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Christelle Gedeon sold 58,994 shares of the 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 completion of the sale, the insider owned 705,506 shares in the company, valued at $684,340.82. This represents a 7.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 224,958 shares of company stock valued at $217,137 over the last 90 days. 0.35% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Two Sigma Securities LLC raised its holdings in Canopy Growth by 4.4% during the 2nd quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock valued at $343,000 after buying an additional 11,942 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Canopy Growth by 23.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company’s stock worth $84,000 after acquiring an additional 13,814 shares during the last quarter. Boothbay Fund Management LLC bought a new stake in Canopy Growth in the 2nd quarter worth $30,000. Octavia Wealth Advisors LLC purchased a new position in shares of Canopy Growth in the fourth quarter valued at about $30,000. Finally, Mackenzie Financial Corp increased its position in shares of Canopy Growth by 33.1% in the third quarter. Mackenzie Financial Corp now owns 111,945 shares of the company’s stock valued at $163,000 after acquiring an additional 27,823 shares during the period. 3.33% of the stock is currently 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.