Canopy Growth’s (CGC) “Buy” Rating Reaffirmed at Piper Jaffray Companies

Canopy Growth (NYSE:CGC)‘s stock had its “buy” rating reiterated by stock analysts at Piper Jaffray Companies in a research note issued on Tuesday, April 2nd, Stock Target Advisor reports.

Several other equities research analysts also recently issued reports on CGC. Jefferies Financial Group initiated coverage on in a report on Monday, February 25th. They set a “buy” rating on the stock. GMP Securities downgraded Canopy Growth from a “buy” rating to a “hold” rating in a report on Tuesday, February 19th. CIBC dropped their price objective on Peyto Exploration & Development from C$12.00 to C$10.00 in a report on Friday, January 18th. TheStreet downgraded ORBCOMM from a “c-” rating to a “d+” rating in a report on Friday, March 1st. Finally, Seaport Global Securities reiterated a “buy” rating on shares of Hexo Corp (TSE) in a report on Thursday, February 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $55.34.

CGC stock traded down $2.88 during midday trading on Tuesday, hitting $34.21. 14,116,477 shares of the company’s stock were exchanged, compared to its average volume of 7,068,426. The company has a quick ratio of 11.49, a current ratio of 12.32 and a debt-to-equity ratio of 0.12. Canopy Growth has a 12-month low of $24.21 and a 12-month high of $59.25. The business has a 50 day moving average of $41.27. The firm has a market capitalization of $12.83 billion, a PE ratio of -21.52 and a beta of 3.65.

Canopy Growth (NYSE:CGC) last posted its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%. The business had revenue of $70.74 million for the quarter, compared to analysts’ expectations of $71.06 million. On average, sell-side analysts forecast that Canopy Growth will post -0.82 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Exane Derivatives boosted its position in Canopy Growth by 18.3% during the 2nd quarter. Exane Derivatives now owns 15,745 shares of the marijuana producer’s stock worth $635,000 after acquiring an additional 2,438 shares during the period. Valeo Financial Advisors LLC boosted its position in Canopy Growth by 80.0% during the 2nd quarter. Valeo Financial Advisors LLC now owns 5,792 shares of the marijuana producer’s stock worth $233,000 after acquiring an additional 2,575 shares during the period. Amundi Pioneer Asset Management Inc. boosted its position in Canopy Growth by 6.7% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the marijuana producer’s stock worth $1,577,000 after acquiring an additional 2,296 shares during the period. Laurel Wealth Advisors Inc. boosted its position in Canopy Growth by 9.5% during the 1st quarter. Laurel Wealth Advisors Inc. now owns 9,605 shares of the marijuana producer’s stock worth $417,000 after acquiring an additional 836 shares during the period. Finally, M Holdings Securities Inc. acquired a new position in Canopy Growth during the 1st quarter worth $988,000. Institutional investors and hedge funds own 8.05% of the company’s stock.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.

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Analyst Recommendations for Canopy Growth (NYSE:CGC)

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