Canopy Growth Corp (NYSE:CGC) Given Consensus Rating of “Hold” by Analysts

Shares of Canopy Growth Corp (NYSE:CGC) have been assigned a consensus rating of “Hold” from the nineteen ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $60.19.

A number of research firms have weighed in on CGC. Bank of America set a $225.00 price target on shares of Tesla and gave the stock a “sell” rating in a research note on Wednesday, July 3rd. Consumer Edge began coverage on shares of Canopy Growth in a research note on Friday, June 28th. They set an “equal weight” rating on the stock. Alliance Global Partners set a C$75.00 price target on shares of Canopy Growth and gave the stock a “buy” rating in a research note on Monday, May 13th. Desjardins reiterated a “buy” rating on shares of Fiera Capital in a research note on Thursday, July 4th. Finally, Piper Jaffray Companies set a $92.00 price target on shares of Wintrust Financial and gave the stock a “buy” rating in a research note on Monday.

Shares of Canopy Growth stock traded down $2.88 during midday trading on Wednesday, hitting $34.21. The company had a trading volume of 14,116,477 shares, compared to its average volume of 7,068,426. The company’s 50 day moving average price is $41.27. The company has a market cap of $12.83 billion, a PE ratio of -21.52 and a beta of 3.65. The company has a current ratio of 12.32, a quick ratio of 11.49 and a debt-to-equity ratio of 0.12. Canopy Growth has a 1-year low of $24.21 and a 1-year high of $59.25.

Canopy Growth (NYSE:CGC) last announced 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 company had revenue of $70.74 million during the quarter, compared to analyst estimates of $71.06 million. Equities analysts predict that Canopy Growth will post -0.82 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of CGC. Russell Investments Group Ltd. lifted its holdings in shares of Canopy Growth by 57.3% during the third quarter. Russell Investments Group Ltd. now owns 13,676 shares of the marijuana producer’s stock valued at $657,000 after acquiring an additional 4,982 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Canopy Growth during the third quarter valued at $246,000. Baird Financial Group Inc. bought a new position in shares of Canopy Growth during the third quarter valued at $264,000. Blair William & Co. IL bought a new position in shares of Canopy Growth during the third quarter valued at $294,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of Canopy Growth during the third quarter valued at $239,000. 8.05% of the stock is owned by institutional investors.

About Canopy Growth

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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