Canopy Growth Corporation (NASDAQ:CGC) Receives Consensus Recommendation of “Reduce” from Analysts

Canopy Growth Corporation (NASDAQ:CGC) has been assigned a consensus recommendation of “Reduce” from the five ratings firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company.

A number of equities analysts recently commented on the stock. Benchmark upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, November 10th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a research report on Monday, December 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th.

Canopy Growth Stock Performance

Shares of CGC opened at $1.21 on Tuesday. Canopy Growth has a 1 year low of $0.77 and a 1 year high of $3.07. The stock has a 50-day simple moving average of $1.26 and a 200-day simple moving average of $1.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.23 and a current ratio of 5.50. The stock has a market capitalization of $445.84 million, a PE ratio of -0.62 and a beta of 0.40.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.10. Canopy Growth had a negative net margin of 113.21% and a negative return on equity of 61.97%. The company had revenue of $47.86 million for the quarter, compared to the consensus estimate of $71.82 million. On average, analysts predict that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. TD Asset Management Inc increased its position in shares of Canopy Growth by 58.5% during the second quarter. TD Asset Management Inc now owns 178,719 shares of the company’s stock worth $220,000 after purchasing an additional 65,998 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Canopy Growth by 81.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after purchasing an additional 14,498 shares during the period. SBI Securities Co. Ltd. grew its position in Canopy Growth by 47.6% during the 2nd quarter. SBI Securities Co. Ltd. now owns 532,541 shares of the company’s stock worth $650,000 after purchasing an additional 171,803 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Canopy Growth by 64.6% in the first quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock valued at $301,000 after purchasing an additional 129,620 shares during the period. Finally, Sullivan Wood Capital Management LLC purchased a new stake in shares of Canopy Growth in the second quarter valued at about $215,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

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.