Brokerages Expect Canopy Growth Corp (CGC) to Post -$0.19 Earnings Per Share

Wall Street analysts expect Canopy Growth Corp (NYSE:CGC) to post earnings of ($0.19) per share for the current quarter, according to Zacks. Three analysts have made estimates for Canopy Growth’s earnings, with estimates ranging from ($0.23) to ($0.14). Canopy Growth posted earnings per share of ($0.10) in the same quarter last year, which suggests a negative year-over-year growth rate of 90%. The firm is scheduled to report its next quarterly earnings results on Wednesday, June 26th.

According to Zacks, analysts expect that Canopy Growth will report full year earnings of ($1.19) per share for the current year, with EPS estimates ranging from ($1.73) to ($0.59). For the next financial year, analysts expect that the firm will report earnings of ($0.41) per share, with EPS estimates ranging from ($0.57) to ($0.23). Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that cover Canopy Growth.

Canopy Growth (NYSE:CGC) last announced its earnings results on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.52). The company had revenue of $62.85 million for the quarter, compared to analysts’ expectations of $66.09 million. Canopy Growth had a negative return on equity of 14.39% and a negative net margin of 267.40%.

CGC has been the subject of a number of research analyst reports. Piper Jaffray Companies set a $60.00 price objective on shares of Canopy Growth and gave the company a “buy” rating in a research note on Saturday, February 2nd. GMP Securities downgraded shares of Canopy Growth from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. CIBC initiated coverage on shares of Canopy Growth in a research note on Friday, January 18th. They set an “outperform” rating for the company. Seaport Global Securities initiated coverage on shares of Canopy Growth in a research note on Thursday, February 21st. They set a “neutral” rating and a $46.27 price objective for the company. Finally, Jefferies Financial Group initiated coverage on shares of Canopy Growth in a research report on Monday, February 25th. They set a “hold” rating for the company. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $49.32.

CGC stock traded up $1.00 during trading on Friday, hitting $43.37. The stock had a trading volume of 3,523,142 shares, compared to its average volume of 5,919,141. Canopy Growth has a 1-year low of $18.93 and a 1-year high of $59.25. The company has a market capitalization of $14.18 billion, a price-to-earnings ratio of -135.53 and a beta of 4.29. The company has a current ratio of 17.85, a quick ratio of 17.12 and a debt-to-equity ratio of 0.10.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Canopy Growth by 4.4% during the third quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock valued at $209,658,000 after purchasing an additional 180,130 shares during the last quarter. Vanguard Group Inc increased its position in Canopy Growth by 4.4% in the 3rd quarter. Vanguard Group Inc now owns 4,310,420 shares of the marijuana producer’s stock valued at $209,658,000 after buying an additional 180,130 shares in the last quarter. Morgan Stanley increased its position in Canopy Growth by 243.3% in the 3rd quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock valued at $201,598,000 after buying an additional 2,937,286 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Canopy Growth by 234.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,802,260 shares of the marijuana producer’s stock valued at $87,492,000 after buying an additional 1,263,825 shares in the last quarter. Finally, ETF Managers Group LLC bought a new stake in Canopy Growth in the 4th quarter valued at about $40,644,000. 8.53% of the stock is currently owned by institutional investors.

Canopy Growth Company Profile

Canopy Growth Corp. engages in the production and sale of medical cannabis. The company offers products including oils and concentrates, soft gel capsules, and hemp. It focuses on the treatment of chronic pain, seizures, muscle spasms, nausea, and loss of appetite. The company was founded by Bruce Linton on August 5, 2009 and is headquartered in Smith Falls, Canada.

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Earnings History and Estimates for Canopy Growth (NYSE:CGC)

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