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

Shares of Canopy Growth Corporation (NASDAQ:CGC) have been assigned a consensus rating of “Hold” from the five brokerages that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company.

CGC has been the subject of a number of analyst reports. Weiss Ratings raised shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 26th. Wall Street Zen cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th.

Insiders Place Their Bets

In other Canopy Growth news, CEO Luc Mongeau sold 135,231 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christelle Gedeon sold 58,994 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 240,533 shares of company stock valued at $240,032 in the last quarter. 0.35% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd increased its holdings in 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 acquiring an additional 4,037,281 shares during the last quarter. Millennium Management LLC boosted its holdings 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 valued at $4,579,000 after purchasing an additional 2,080,994 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings 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 valued at $2,305,000 after purchasing an additional 2,011,917 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Canopy Growth during the first quarter valued at about $1,716,000. Finally, Two Sigma Investments LP purchased a new position in shares of Canopy Growth during the third quarter valued at about $1,767,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

Canopy Growth Stock Performance

Shares of CGC opened at $0.93 on Friday. The business has a 50-day simple moving average of $0.97 and a two-hundred day simple moving average of $1.02. The company has a quick ratio of 2.39, a current ratio of 3.04 and a debt-to-equity ratio of 0.31. Canopy Growth has a 52 week low of $0.84 and a 52 week high of $2.38. The stock has a market cap of $416.82 million, a price-to-earnings ratio of -2.06 and a beta of 0.83.

Canopy Growth (NASDAQ:CGC) last released its 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 net margin of 65.33% and a negative return on equity of 21.91%. The company had revenue of $142.62 million for the quarter, compared to analysts’ expectations of $58.21 million. On average, analysts expect that Canopy Growth will post -0.1 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.