Canopy Growth (NASDAQ:CGC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Canopy Growth (NASDAQ:CGC) from a sell rating to a hold rating in a report published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings lowered shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold”.

Canopy Growth Stock Performance

Shares of NASDAQ CGC opened at $0.93 on Friday. The business’s 50-day simple moving average is $0.96 and its 200-day simple moving average is $1.01. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.39 and a current ratio of 3.04. Canopy Growth has a 52 week low of $0.84 and a 52 week high of $2.38. The firm has a market cap of $415.78 million, a price-to-earnings ratio of -2.06 and a beta of 0.83.

Canopy Growth (NASDAQ:CGC) last posted its earnings results on Friday, August 7th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm 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 21.91% and a negative net margin of 65.33%. As a group, equities research analysts expect that Canopy Growth will post -0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

A number of institutional investors have recently made changes to their positions in CGC. Foundations Investment Advisors LLC acquired a new position in shares of Canopy Growth during the 4th quarter worth about $485,000. Royal Bank of Canada grew its holdings in Canopy Growth by 1,115.6% in the 1st quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock valued at $927,000 after buying an additional 895,680 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in Canopy Growth in the 1st quarter valued at approximately $1,716,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Canopy Growth by 723.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after buying an additional 4,037,281 shares during the last quarter. 3.33% of the stock is currently owned by institutional investors.

About Canopy Growth

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and has developed a portfolio of cannabis brands serving both adult-use and medical markets.

Canopy Growth’s products include dried cannabis flower, pre-rolls, cannabis oils, softgels, edibles, beverages and vaporization products. Its brand portfolio has included Tweed, 7ACRES, Doja, Deep Space and other cannabis brands, as well as Storz & Bickel vaporization products.