Canopy Growth Corporation (NASDAQ:CGC) Receives Consensus Recommendation of “Hold” from Brokerages

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

CGC has been the topic of several analyst reports. Weiss Ratings cut shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 14th. Canaccord Genuity Group assumed coverage on Canopy Growth in a research note on Friday, March 27th. They issued a “buy” rating for the company. Finally, Wall Street Zen downgraded Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th.

Insider Activity

In other news, insider Christelle Gedeon sold 58,994 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value of $57,224.18. Following the transaction, the insider owned 705,506 shares of the company’s stock, valued at $684,340.82. This trade represents a 7.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Luc Mongeau sold 135,231 shares of the business’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 value of $131,174.07. Following the transaction, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at approximately $1,672,195.61. This trade represents a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 224,958 shares of company stock worth $217,137 in the last ninety days. Corporate insiders own 0.16% of the company’s stock.

Institutional Trading of Canopy Growth

Several institutional investors and hedge funds have recently modified their holdings of the company. Jones Financial Companies Lllp lifted its stake in shares of Canopy Growth by 10,308.3% during the 1st quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock valued at $882,000 after buying an additional 960,218 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Canopy Growth by 64.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock worth $301,000 after buying an additional 129,620 shares in the last quarter. Murchinson Ltd. bought a new stake in Canopy Growth during the second quarter valued at about $183,000. Boothbay Fund Management LLC bought a new stake in Canopy Growth during the second quarter valued at about $30,000. Finally, Tidal Investments LLC lifted its position in shares of Canopy Growth by 31.5% in the second quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after acquiring an additional 1,204,530 shares in the last quarter. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $0.89 on Friday. The company has a quick ratio of 2.64, a current ratio of 3.34 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $399.09 million, a PE ratio of -1.51 and a beta of 0.79. The firm’s 50 day moving average price is $0.99 and its 200-day moving average price is $1.06. Canopy Growth has a twelve month low of $0.84 and a twelve month high of $2.38.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Monday, June 15th. The company reported ($0.17) earnings per share (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 business had revenue of $51.22 million for the quarter, compared to the consensus estimate of $53.43 million. Equities research analysts expect that Canopy Growth will post -0.11 EPS 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.