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

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

Several research analysts have recently issued reports on CGC shares. Weiss Ratings upgraded shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday. Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday, September 26th.

Canopy Growth Stock Down 0.8%

CGC opened at $0.88 on Thursday. Canopy Growth has a 12 month low of $0.84 and a 12 month high of $2.38. The company has a current ratio of 3.04, a quick ratio of 2.39 and a debt-to-equity ratio of 0.31. The business’s 50-day moving average price is $0.96 and its 200-day moving average price is $1.00. The company has a market cap of $393.32 million, a P/E ratio of -1.95 and a beta of 0.78.

Canopy Growth (NASDAQ:CGC) last issued its earnings results on Friday, August 7th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. Canopy Growth had a negative return on equity of 21.91% and a negative net margin of 65.33%.The company had revenue of $142.62 million during the quarter, compared to analysts’ expectations of $58.21 million. On average, equities analysts expect that Canopy Growth will post -0.1 EPS for the current year.

Hedge Funds Weigh In On Canopy Growth

A number of hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd boosted its position in shares of Canopy Growth by 723.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after purchasing an additional 4,037,281 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Canopy Growth in the first quarter worth $1,716,000. Finally, Royal Bank of Canada raised its holdings in Canopy Growth by 1,115.6% in the first quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock worth $927,000 after purchasing an additional 895,680 shares in the last quarter. Hedge funds and other institutional investors own 3.33% of the company’s stock.

About Canopy Growth

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and became one of Canada’s early large-scale licensed cannabis producers.

Canopy Growth develops, produces, distributes and sells cannabis products for the Canadian medical and adult-use markets. Its offerings include dried flower, pre-rolls, oils, softgels, vapes, beverages and edibles marketed under brands such as Tweed, 7ACRES, DOJA and Deep Space.