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

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

CGC has been the topic of a number of analyst reports. Wall Street Zen downgraded Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Weiss Ratings raised Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a research report on Saturday, February 7th. Canaccord Genuity Group initiated coverage on Canopy Growth in a research report on Friday, March 27th. They set a “buy” rating on the stock. Finally, ATB Cormark Capital Markets raised Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th.

Institutional Investors Weigh In On Canopy Growth

Large investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. grew its position in Canopy Growth by 19,571.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock worth $2,305,000 after buying an additional 2,011,917 shares in the last quarter. Sullivan Wood Capital Management LLC grew its position in Canopy Growth by 212.5% during the fourth quarter. Sullivan Wood Capital Management LLC now owns 772,785 shares of the company’s stock worth $881,000 after buying an additional 525,500 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Canopy Growth during the third quarter worth approximately $815,000. Lake Street Private Wealth LLC grew its position in Canopy Growth by 16.9% during the fourth quarter. Lake Street Private Wealth LLC now owns 90,300 shares of the company’s stock worth $103,000 after buying an additional 13,050 shares in the last quarter. Finally, SLT Holdings LLC acquired a new stake in Canopy Growth during the fourth quarter worth approximately $484,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Price Performance

Canopy Growth stock opened at $1.04 on Friday. Canopy Growth has a 12 month low of $0.84 and a 12 month high of $2.38. The stock’s 50 day moving average is $1.07 and its 200-day moving average is $1.14. The company has a current ratio of 5.34, a quick ratio of 4.26 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $420.28 million, a price-to-earnings ratio of -0.80 and a beta of 0.77.

Canopy Growth Company Profile

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.