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

Shares of Canopy Growth Corporation (NASDAQ:CGC) have received a consensus recommendation of “Hold” from the five ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company.

A number of equities research analysts recently issued reports on CGC shares. Weiss Ratings upgraded Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday.

Insider Buying and Selling at Canopy Growth

In related news, insider Christelle Gedeon sold 58,994 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $57,224.18. Following the sale, the insider owned 705,506 shares of the company’s stock, valued at approximately $684,340.82. This represents a 7.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Luc Mongeau sold 135,231 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value of $131,174.07. Following the completion of the transaction, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at approximately $1,672,195.61. This represents a 7.27% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 224,958 shares of company stock worth $217,137. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Canopy Growth

Large investors have recently modified their holdings of the company. Bank of Montreal Can increased its holdings in Canopy Growth by 122.7% during the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock worth $29,000 after acquiring an additional 135,970 shares during the period. Boothbay Fund Management LLC bought a new position in Canopy Growth in the 2nd quarter valued at $30,000. Octavia Wealth Advisors LLC purchased a new position in shares of Canopy Growth during the 4th quarter valued at $30,000. PCG Wealth Advisors LLC purchased a new position in shares of Canopy Growth during the 4th quarter valued at $32,000. Finally, Sender Co & Partners Inc. bought a new position in shares of Canopy Growth in the third quarter worth $63,000. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Trading Up 5.0%

NASDAQ:CGC opened at $1.00 on Wednesday. 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 3.34, a quick ratio of 2.64 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $0.96 and its 200 day moving average is $1.04. The stock has a market capitalization of $448.42 million, a PE ratio of -2.22 and a beta of 0.81.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data 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. The business had revenue of $142.62 million during the quarter, compared to analyst estimates of $58.21 million. Canopy Growth had a negative return on equity of 21.59% and a negative net margin of 65.33%. Sell-side analysts expect that Canopy Growth will post -0.11 earnings per share for the current year.

About Canopy Growth

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.