Canopy Growth Co. Expected to Earn Q4 2024 Earnings of ($0.16) Per Share (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) – Stock analysts at Roth Capital raised their Q4 2024 earnings estimates for shares of Canopy Growth in a research report issued to clients and investors on Wednesday, May 1st. Roth Capital analyst W. Kirk now forecasts that the company will post earnings of ($0.16) per share for the quarter, up from their prior estimate of ($1.63). The consensus estimate for Canopy Growth’s current full-year earnings is ($6.14) per share. Roth Capital also issued estimates for Canopy Growth’s Q1 2025 earnings at ($0.04) EPS, Q2 2025 earnings at ($0.04) EPS, Q3 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.07) EPS and FY2025 earnings at ($0.20) EPS.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The business had revenue of $57.67 million for the quarter, compared to analysts’ expectations of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%.

A number of other research firms have also recently weighed in on CGC. Piper Sandler lowered their price objective on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a research report on Monday, February 12th. Sanford C. Bernstein upped their price target on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 31st.

Canopy Growth Price Performance

NASDAQ CGC opened at $9.48 on Monday. The business’s fifty day moving average is $6.86 and its 200 day moving average is $5.68. Canopy Growth has a fifty-two week low of $2.76 and a fifty-two week high of $19.20. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79. The company has a market capitalization of $960.42 million, a PE ratio of -0.63 and a beta of 1.10.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CGC. Lord Abbett & CO. LLC bought a new position in shares of Canopy Growth during the third quarter worth $18,140,000. Commonwealth Equity Services LLC boosted its holdings in shares of Canopy Growth by 83.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock valued at $426,000 after purchasing an additional 247,407 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Canopy Growth during the first quarter valued at about $740,000. TD Asset Management Inc increased its holdings in shares of Canopy Growth by 26.2% in the third quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock worth $298,000 after purchasing an additional 79,639 shares during the last quarter. Finally, Sycomore Asset Management purchased a new stake in shares of Canopy Growth in the third quarter worth about $39,000. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.