Equities researchers at Bank of America began coverage on shares of Canopy Growth (NYSE:CGC) in a report issued on Wednesday, April 17th, MarketBeat reports. The brokerage set a “buy” rating on the marijuana producer’s stock.
CGC has been the subject of several other reports. CIBC dropped their price objective on shares of Peyto Exploration & Development from C$12.00 to C$10.00 in a research note on Friday, January 18th. Piper Jaffray Companies set a $80.00 price objective on Canopy Growth and gave the company a “buy” rating in a research note on Friday, April 12th. GMP Securities cut Canopy Growth from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. TheStreet cut ORBCOMM from a “c-” rating to a “d+” rating in a research note on Friday, March 1st. Finally, Zacks Investment Research upgraded GreenTree Hospitality Group from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Canopy Growth currently has a consensus rating of “Hold” and a consensus target price of $55.34.
NYSE CGC traded down $2.88 on Wednesday, hitting $34.21. 14,116,477 shares of the 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. The business has a fifty day moving average price of $41.27. The stock has a market capitalization of $12.83 billion, a price-to-earnings ratio of -21.52 and a beta of 3.65. Canopy Growth has a 52-week low of $24.21 and a 52-week high of $59.25.
Several hedge funds and other institutional investors have recently modified their holdings of CGC. Bank of New York Mellon Corp bought a new position in Canopy Growth in the third quarter worth about $246,000. Tower Research Capital LLC TRC bought a new position in Canopy Growth in the third quarter worth about $239,000. Renaissance Technologies LLC bought a new position in Canopy Growth in the third quarter worth about $5,536,000. Fifth Third Bancorp raised its holdings in Canopy Growth by 349.1% in the third quarter. Fifth Third Bancorp now owns 2,470 shares of the marijuana producer’s stock worth $120,000 after purchasing an additional 1,920 shares in the last quarter. Finally, LPL Financial LLC raised its holdings in Canopy Growth by 43.1% in the third quarter. LPL Financial LLC now owns 86,262 shares of the marijuana producer’s stock worth $4,196,000 after purchasing an additional 25,964 shares in the last quarter. 8.05% of the stock is currently 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.
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