Canopy Growth (NASDAQ:CGC) Stock Rating Lowered by Wall Street Zen

Canopy Growth (NASDAQ:CGC) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings raised Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 26th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Canopy Growth currently has a consensus rating of “Hold”.

Canopy Growth Price Performance

Shares of Canopy Growth stock opened at $0.97 on Friday. The company has a quick ratio of 2.39, a current ratio of 3.04 and a debt-to-equity ratio of 0.31. The stock has a market cap of $437.03 million, a PE ratio of -2.16 and a beta of 0.83. The business has a fifty day simple moving average of $0.97 and a 200 day simple moving average of $1.03. Canopy Growth has a 12 month low of $0.84 and a 12 month high of $2.38.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. The business had revenue of $142.62 million during the quarter, compared to analysts’ expectations of $58.21 million. Research analysts predict that Canopy Growth will post -0.1 EPS for the current year.

Insider Transactions at Canopy Growth

In related news, CEO Luc Mongeau sold 135,231 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 $131,174.07. Following the completion of the transaction, the chief executive officer directly owned 1,723,913 shares in the company, valued at approximately $1,672,195.61. This trade represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christelle Gedeon sold 58,994 shares of Canopy Growth stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total value of $57,224.18. Following the completion of the sale, the insider directly owned 705,506 shares in the company, valued at approximately $684,340.82. This represents a 7.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 240,533 shares of company stock worth $240,032. Corporate insiders own 0.35% of the company’s stock.

Institutional Trading of Canopy Growth

A number of institutional investors have recently made changes to their positions in CGC. Boothbay Fund Management LLC acquired a new position in Canopy Growth during the second quarter worth $30,000. Bank of Montreal Can boosted its stake in shares of 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 buying an additional 135,970 shares during the last quarter. PCG Wealth Advisors LLC acquired a new position in shares of Canopy Growth during the 4th quarter worth about $32,000. Sender Co & Partners Inc. bought a new position in shares of Canopy Growth in the 3rd quarter valued at about $63,000. Finally, WINTON GROUP Ltd bought a new position in shares of Canopy Growth in the 4th quarter valued at about $63,000. Institutional investors own 3.33% of the company’s stock.

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.