Canopy Growth (NYSE:CGC) Rating Reiterated by Stifel Nicolaus

Canopy Growth (NYSE:CGC)‘s stock had its “buy” rating reiterated by stock analysts at Stifel Nicolaus in a research note issued to investors on Wednesday, July 3rd, TipRanks reports.

CGC has been the topic of a number of other research reports. Evercore ISI initiated coverage on shares of LYFT in a research note on Wednesday, June 12th. They set an “outperform” rating and a $74.00 target price on the stock. Consumer Edge initiated coverage on shares of Canopy Growth in a report on Friday, June 28th. They issued an “equal weight” rating on the stock. Piper Jaffray Companies set a $60.00 price target on shares of Canopy Growth and gave the company a “buy” rating in a report on Friday, June 21st. Bank of America reduced their price target on shares of Canopy Growth from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, June 19th. Finally, Seaport Global Securities initiated coverage on shares of Weyerhaeuser in a report on Tuesday, April 2nd. They issued a “buy” rating on the stock. One equities 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 company’s stock. The company has an average rating of “Hold” and a consensus target price of $55.34.

Canopy Growth stock traded down $2.88 during trading hours on Wednesday, hitting $34.21. The stock had a trading volume of 14,116,477 shares, compared to its average volume of 7,068,426. The company’s 50-day simple moving average is $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 stock has a market cap of $12.83 billion, a P/E ratio of -21.52 and a beta of 3.65. Canopy Growth has a fifty-two week low of $24.21 and a fifty-two week high of $59.25.

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

Several institutional investors and hedge funds have recently made changes to their positions in the company. Tradewinds Capital Management LLC raised its stake in shares of Canopy Growth by 36.2% during the 1st quarter. Tradewinds Capital Management LLC now owns 847 shares of the marijuana producer’s stock worth $37,000 after acquiring an additional 225 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its stake in shares of Canopy Growth by 15.9% during the first quarter. Wealthcare Advisory Partners LLC now owns 1,906 shares of the marijuana producer’s stock valued at $83,000 after acquiring an additional 261 shares during the period. IPG Investment Advisors LLC increased its holdings in Canopy Growth by 4.0% in the first quarter. IPG Investment Advisors LLC now owns 7,772 shares of the marijuana producer’s stock valued at $336,000 after purchasing an additional 300 shares during the last quarter. Hudock Capital Group LLC increased its holdings in Canopy Growth by 99.5% in the first quarter. Hudock Capital Group LLC now owns 868 shares of the marijuana producer’s stock valued at $37,000 after purchasing an additional 433 shares during the last quarter. Finally, Private Capital Group LLC increased its holdings in Canopy Growth by 221.5% in the first quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after purchasing an additional 443 shares during the last quarter. 8.05% of the stock is owned by hedge funds and other institutional investors.

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.

See Also: Earnings Per Share (EPS) Explained

Analyst Recommendations for Canopy Growth (NYSE:CGC)

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