Canopy Growth (NASDAQ:CGC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Canopy Growth (NASDAQ:CGC) from a sell rating to a hold rating in a research note published on Saturday morning.

Separately, Weiss Ratings raised Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Canopy Growth currently has a consensus rating of “Hold”.

Canopy Growth Price Performance

CGC opened at $0.95 on Friday. The stock has a fifty day moving average of $0.96 and a 200-day moving average of $1.04. The firm has a market capitalization of $426.94 million, a P/E ratio of -2.12 and a beta of 0.81. Canopy Growth has a 12-month low of $0.84 and a 12-month high of $2.38. The company has a quick ratio of 2.64, a current ratio of 3.34 and a debt-to-equity ratio of 0.31.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, August 7th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Canopy Growth had a negative return on equity of 21.59% and a negative net margin of 65.33%.The business had revenue of $142.62 million for the quarter, compared to the consensus estimate of $58.21 million. Equities analysts forecast that Canopy Growth will post -0.11 EPS for the current fiscal year.

Insider Activity at Canopy Growth

In other Canopy Growth news, insider Christelle Gedeon sold 58,994 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 value of $57,224.18. Following the transaction, the insider owned 705,506 shares in the company, valued at approximately $684,340.82. This represents a 7.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Luc Mongeau sold 135,231 shares of Canopy Growth stock in a transaction 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 directly owned 1,723,913 shares of the company’s stock, valued at $1,672,195.61. This trade represents a 7.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 224,958 shares of company stock worth $217,137. Company insiders own 0.16% of the company’s stock.

Institutional Trading of Canopy Growth

Institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its holdings 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 during the last quarter. Goldman Sachs Group Inc. increased its holdings in Canopy Growth by 64.6% in the first 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 during the last quarter. Murchinson Ltd. bought a new position in Canopy Growth during the second quarter valued at approximately $183,000. Boothbay Fund Management LLC bought a new position in Canopy Growth during the second quarter valued at approximately $30,000. Finally, Tidal Investments LLC raised 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 valued at $6,141,000 after acquiring an additional 1,204,530 shares in the last quarter. Institutional investors and hedge funds own 3.33% of the company’s stock.

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.