Canopy Growth (NYSE:CGC) PT Set at $80.00 by Piper Jaffray Companies

Canopy Growth (NYSE:CGC) received a $80.00 price objective from investment analysts at Piper Jaffray Companies in a report released on Friday, April 12th, TipRanks reports. The firm presently has a “buy” rating on the marijuana producer’s stock. Piper Jaffray Companies’ price target would indicate a potential upside of 133.85% from the stock’s current price.

CGC has been the subject of a number of other reports. TheStreet downgraded shares of ORBCOMM from a “c-” rating to a “d+” rating in a research report on Friday, March 1st. CIBC decreased their target price on shares of Peyto Exploration & Development from C$12.00 to C$10.00 in a research report on Friday, January 18th. Jefferies Financial Group started coverage on shares of in a research report on Monday, February 25th. They set a “buy” rating for the company. Zacks Investment Research downgraded shares of Glu Mobile from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. Finally, Seaport Global Securities started coverage on shares of Weyerhaeuser in a research report on Tuesday, April 2nd. They set a “buy” rating for the company. One 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’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $55.34.

NYSE CGC traded down $2.88 on Friday, hitting $34.21. The stock had a trading volume of 14,116,477 shares, compared to its average volume of 7,068,426. Canopy Growth has a 52-week low of $24.21 and a 52-week high of $59.25. The business has a fifty day moving average of $41.27. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.49 and a current ratio of 12.32. The company 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) EPS for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $71.06 million. On average, analysts predict that Canopy Growth will post -0.82 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc increased its stake in shares of Canopy Growth by 4.4% during the third quarter. Vanguard Group Inc now owns 4,310,420 shares of the marijuana producer’s stock worth $209,658,000 after purchasing an additional 180,130 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Canopy Growth by 4.4% during the third quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock worth $209,658,000 after purchasing an additional 180,130 shares in the last quarter. Morgan Stanley increased its stake in shares of Canopy Growth by 243.3% during the third quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after purchasing an additional 2,937,286 shares in the last quarter. ETF Managers Group LLC purchased a new stake in Canopy Growth during the 4th quarter valued at about $40,644,000. Finally, Macquarie Group Ltd. purchased a new stake in Canopy Growth during the 3rd quarter valued at about $66,202,000. 8.05% of the stock is owned by institutional investors and hedge funds.

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.

Read More: Is it Safe to Invest in Commodities?

Analyst Recommendations for Canopy Growth (NYSE:CGC)

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.