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

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been given a consensus recommendation of “Hold” by the five brokerages that are covering the firm, Marketbeat Ratings 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 equities research analysts recently issued reports on the company. Weiss Ratings upgraded Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 26th. Wall Street Zen lowered Canopy Growth from a “hold” rating to a “sell” rating in a research note on Saturday.

Insider Buying and Selling at Canopy Growth

In other news, CEO Luc Mongeau sold 135,231 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $131,174.07. Following the sale, the chief executive officer directly 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 document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christelle Gedeon sold 58,994 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value of $57,224.18. Following the completion of the transaction, the insider owned 705,506 shares in the company, valued at $684,340.82. The trade was a 7.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 240,533 shares of company stock worth $240,032. 0.35% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Canopy Growth

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd raised its position in shares of 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 buying an additional 4,037,281 shares in the last quarter. Millennium Management LLC boosted its position in shares of Canopy Growth by 196.9% during the 3rd quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after acquiring an additional 2,080,994 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Canopy Growth by 19,571.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock worth $2,305,000 after acquiring an additional 2,011,917 shares in the last quarter. Lazard Asset Management LLC bought a new position in Canopy Growth in the first quarter valued at approximately $1,716,000. Finally, Two Sigma Investments LP bought a new position in Canopy Growth in the third quarter valued at approximately $1,767,000. 3.33% of the stock is owned by institutional investors.

Canopy Growth Stock Performance

NASDAQ CGC opened at $0.97 on Friday. The company has a quick ratio of 2.39, a current ratio of 3.04 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $437.03 million, a P/E ratio of -2.16 and a beta of 0.83. Canopy Growth has a 12-month low of $0.84 and a 12-month high of $2.38. The firm has a 50-day moving average price of $0.97 and a two-hundred day moving average price of $1.03.

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

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.