Piper Jaffray Companies Lowers Canopy Growth (NYSE:CGC) Price Target to $49.00

Canopy Growth (NYSE:CGC) had its target price cut by stock analysts at Piper Jaffray Companies from $54.00 to $49.00 in a report issued on Friday, The Fly reports. The brokerage currently has an “overweight” rating on the marijuana producer’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 74.32% from the company’s current price.

A number of other equities analysts have also commented on the company. Alliance Global Partners began coverage on Canopy Growth in a research note on Monday, May 13th. They issued a “buy” rating on the stock. Desjardins reissued a “hold” rating on shares of Canopy Growth in a research note on Thursday, July 4th. Zacks Investment Research lowered Canopy Growth from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. Bank of America set a $53.00 price objective on Canopy Growth and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, GMP Securities raised Canopy Growth from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $65.00 to $72.00 in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $55.13.

CGC stock traded up $0.77 during trading on Friday, hitting $28.11. The company had a trading volume of 4,690,000 shares, compared to its average volume of 3,161,922. The company has a fifty day moving average price of $35.33 and a two-hundred day moving average price of $42.38. 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 cap of $11.07 billion, a P/E ratio of -17.68 and a beta of 3.63. Canopy Growth has a fifty-two week low of $25.26 and a fifty-two week high of $59.25.

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 analysts’ consensus estimates of ($0.17) by ($0.50). The business had revenue of $70.74 million during the quarter, compared to analyst estimates of $71.06 million. Canopy Growth had a negative return on equity of 13.18% and a negative net margin of 647.47%. On average, analysts expect that Canopy Growth will post -0.9 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Canopy Growth by 2.6% in the second quarter. Vanguard Group Inc. now owns 4,983,838 shares of the marijuana producer’s stock valued at $200,899,000 after purchasing an additional 125,275 shares during the last quarter. ETF Managers Group LLC bought a new stake in Canopy Growth in the second quarter valued at about $82,823,000. Morgan Stanley increased its holdings in Canopy Growth by 4.2% in the second quarter. Morgan Stanley now owns 2,043,350 shares of the marijuana producer’s stock valued at $82,368,000 after purchasing an additional 82,122 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Canopy Growth by 22.2% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 821,382 shares of the marijuana producer’s stock valued at $35,530,000 after purchasing an additional 149,334 shares during the last quarter. Finally, TD Asset Management Inc. increased its holdings in Canopy Growth by 3.8% in the second quarter. TD Asset Management Inc. now owns 792,827 shares of the marijuana producer’s stock valued at $32,077,000 after purchasing an additional 29,224 shares during the last quarter. Institutional investors own 8.16% 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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