Canopy Growth Corporation (NASDAQ:CGC) Receives Average Rating of “Strong Sell” from Brokerages

Canopy Growth Corporation (NASDAQ:CGC) has been given an average rating of “Strong Sell” by the five research firms that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company.

CGC has been the subject of several research analyst reports. Zacks Research raised shares of Canopy Growth to a “hold” rating in a report on Tuesday, August 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Wall Street Zen upgraded Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Benchmark upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday.

Canopy Growth Stock Up 7.3%

CGC opened at $1.17 on Monday. The stock’s fifty day simple moving average is $1.37 and its 200 day simple moving average is $1.36. Canopy Growth has a 1-year low of $0.77 and a 1-year high of $4.54. The stock has a market cap of $280.62 million, a PE ratio of -0.60 and a beta of 0.82. The company has a current ratio of 3.07, a quick ratio of 2.12 and a debt-to-equity ratio of 0.59.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.10. The firm had revenue of $47.86 million for the quarter, compared to the consensus estimate of $71.82 million. Canopy Growth had a negative net margin of 113.21% and a negative return on equity of 68.53%. As a group, research analysts expect that Canopy Growth will post -2.81 earnings per share for the current year.

Insider Buying and Selling at Canopy Growth

In other Canopy Growth news, insider Christelle Gedeon sold 16,929 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $1.74, for a total transaction of $29,456.46. Following the transaction, the insider owned 368,488 shares in the company, valued at $641,169.12. This trade represents a 4.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Luc Mongeau bought 27,469 shares of Canopy Growth stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost of $1.82 per share, with a total value of $49,993.58. Following the transaction, the chief executive officer owned 812,368 shares of the company’s stock, valued at $1,478,509.76. This trade represents a 3.50% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 50,300 shares of company stock worth $84,373 in the last quarter. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. SBI Securities Co. Ltd. boosted its stake in Canopy Growth by 68.4% in the first quarter. SBI Securities Co. Ltd. now owns 360,738 shares of the company’s stock valued at $328,000 after buying an additional 146,488 shares in the last quarter. TD Asset Management Inc raised its stake in Canopy Growth by 47.3% during the first quarter. TD Asset Management Inc now owns 112,721 shares of the company’s stock worth $104,000 after acquiring an additional 36,211 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Canopy Growth by 56.5% in the first quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock worth $47,000 after acquiring an additional 18,202 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its stake in shares of Canopy Growth by 98.6% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 153,856 shares of the company’s stock valued at $140,000 after purchasing an additional 76,395 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Canopy Growth in the 1st quarter valued at approximately $255,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.