Canopy Growth Co. (NASDAQ:CGC) Expected to Post Quarterly Sales of $127.78 Million

Analysts predict that Canopy Growth Co. (NASDAQ:CGC) will post $127.78 million in sales for the current quarter, Zacks reports. Six analysts have issued estimates for Canopy Growth’s earnings. The lowest sales estimate is $112.75 million and the highest is $140.35 million. Canopy Growth reported sales of $85.91 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 48.7%. The business is scheduled to issue its next earnings report on Monday, August 9th.

According to Zacks, analysts expect that Canopy Growth will report full-year sales of $622.64 million for the current fiscal year, with estimates ranging from $552.78 million to $674.78 million. For the next fiscal year, analysts expect that the company will report sales of $881.00 million, with estimates ranging from $712.70 million to $1.15 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Canopy Growth.

Canopy Growth (NASDAQ:CGC) last posted its earnings results on Monday, May 31st. The company reported ($1.85) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($1.67). The company had revenue of $167.40 million for the quarter, compared to analysts’ expectations of $149.97 million. Canopy Growth had a negative net margin of 311.30% and a negative return on equity of 18.67%. The firm’s quarterly revenue was up 45.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($3.72) EPS.

A number of analysts have recently issued reports on CGC shares. Eight Capital upgraded Canopy Growth from a “sell” rating to a “neutral” rating in a research report on Wednesday, June 2nd. Cantor Fitzgerald lowered their price objective on Canopy Growth from $62.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, April 9th. Desjardins lowered their price objective on Canopy Growth from C$55.00 to C$35.00 and set a “hold” rating for the company in a research report on Thursday, June 3rd. Bank of America initiated coverage on Canopy Growth in a research report on Wednesday, April 28th. They issued a “buy” rating for the company. Finally, Zacks Investment Research cut Canopy Growth from a “hold” rating to a “sell” rating in a research note on Wednesday, July 7th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Canopy Growth has an average rating of “Hold” and an average price target of $31.11.

Hedge funds have recently bought and sold shares of the business. SOA Wealth Advisors LLC. bought a new position in Canopy Growth in the fourth quarter valued at about $30,000. Piscataqua Savings Bank purchased a new stake in shares of Canopy Growth during the first quarter worth about $25,000. Grandview Asset Management LLC purchased a new stake in shares of Canopy Growth during the first quarter worth about $49,000. Rockbridge Investment Management LCC grew its position in shares of Canopy Growth by 485.7% during the first quarter. Rockbridge Investment Management LCC now owns 1,025 shares of the company’s stock worth $33,000 after purchasing an additional 850 shares in the last quarter. Finally, BDO Wealth Advisors LLC grew its position in shares of Canopy Growth by 223.3% during the first quarter. BDO Wealth Advisors LLC now owns 1,455 shares of the company’s stock worth $47,000 after purchasing an additional 1,005 shares in the last quarter. 12.69% of the stock is currently owned by institutional investors.

Shares of CGC traded down $0.50 during trading hours on Friday, reaching $19.94. 149,420 shares of the company’s stock traded hands, compared to its average volume of 2,589,961. The company has a market capitalization of $7.84 billion, a PE ratio of -5.66 and a beta of 2.10. The company has a debt-to-equity ratio of 0.45, a quick ratio of 8.69 and a current ratio of 9.98. The firm’s 50 day simple moving average is $23.48. Canopy Growth has a 12 month low of $13.83 and a 12 month high of $56.50.

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.

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