Canopy Growth (NYSE:CGC) Price Target Lowered to $75.00 at Bank of America

Canopy Growth (NYSE:CGC) had its price objective lowered by equities research analysts at Bank of America from $80.00 to $75.00 in a note issued to investors on Wednesday, June 19th, TipRanks reports. The brokerage presently has a “buy” rating on the marijuana producer’s stock. Bank of America‘s price target would indicate a potential upside of 119.23% from the company’s previous close.

Several other research firms have also commented on CGC. Alliance Global Partners set a C$75.00 price target on shares of Canopy Growth and gave the company a “buy” rating in a report on Monday, May 13th. Stifel Nicolaus decreased their price target on shares of MacroGenics from $36.00 to $29.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Compass Point started coverage on shares of Randsburg International Gold in a research note on Monday, June 10th. They issued a “buy” rating on the stock. Zacks Investment Research raised shares of HB Fuller from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Finally, Seaport Global Securities began coverage on shares of Weyerhaeuser in a research note on Tuesday, April 2nd. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $55.34.

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

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

A number of institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in Canopy Growth in the 4th quarter valued at approximately $30,296,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Canopy Growth by 22.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 821,382 shares of the marijuana producer’s stock valued at $35,530,000 after buying an additional 149,334 shares during the period. Swiss National Bank boosted its position in Canopy Growth by 2.7% in the 1st quarter. Swiss National Bank now owns 721,900 shares of the marijuana producer’s stock valued at $31,244,000 after buying an additional 18,700 shares during the period. Janus Henderson Group PLC boosted its position in Canopy Growth by 358.4% in the 1st quarter. Janus Henderson Group PLC now owns 597,022 shares of the marijuana producer’s stock valued at $25,841,000 after buying an additional 466,768 shares during the period. Finally, Bank of Nova Scotia boosted its position in Canopy Growth by 62.0% in the 4th quarter. Bank of Nova Scotia now owns 404,562 shares of the marijuana producer’s stock valued at $10,871,000 after buying an additional 154,809 shares during the period. Hedge funds and other institutional investors own 8.05% of the company’s stock.

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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