Canopy Growth Co. (NASDAQ:CGC – Get Rating) shares saw an uptick in trading volume on Wednesday after Canaccord Genuity Group upgraded the stock from a sell rating to a hold rating. 815,163 shares traded hands during trading, a decline of 94% from the previous session’s volume of 13,681,496 shares.The stock last traded at $3.01 and had previously closed at $2.91.
A number of other research analysts have also recently weighed in on the stock. Piper Sandler dropped their price objective on shares of Canopy Growth from $3.00 to $2.50 and set an “underweight” rating for the company in a research note on Monday, August 8th. Alliance Global Partners lifted their price target on shares of Canopy Growth from C$3.50 to C$4.00 in a report on Tuesday. Canaccord Genuity Group decreased their price target on shares of Canopy Growth from C$4.50 to C$3.50 and set a “sell” rating on the stock in a report on Friday, July 1st. Barclays decreased their price target on shares of Canopy Growth from $3.50 to $2.00 and set an “underweight” rating on the stock in a report on Friday, September 30th. Finally, Cantor Fitzgerald lifted their price target on shares of Canopy Growth from $2.90 to $3.05 and gave the company a “neutral” rating in a report on Wednesday. Ten equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $7.62.
Hedge Funds Weigh In On Canopy Growth
A number of institutional investors have recently made changes to their positions in the business. Prospera Financial Services Inc bought a new stake in shares of Canopy Growth in the 1st quarter valued at approximately $29,000. Golden State Wealth Management LLC acquired a new stake in shares of Canopy Growth during the first quarter worth $202,000. Financial Partners Group Inc bought a new position in shares of Canopy Growth in the 1st quarter worth about $76,000. Atlas Brown Inc. acquired a new position in shares of Canopy Growth in the 3rd quarter valued at about $28,000. Finally, Regal Investment Advisors LLC bought a new stake in shares of Canopy Growth during the 1st quarter valued at about $77,000. 10.02% of the stock is owned by institutional investors and hedge funds.
Canopy Growth Trading Up 6.5 %
The company has a quick ratio of 3.43, a current ratio of 3.94 and a debt-to-equity ratio of 0.77. The firm’s 50 day moving average is $3.15 and its two-hundred day moving average is $3.83. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of -0.53 and a beta of 1.89.
Canopy Growth (NASDAQ:CGC – Get Rating) last announced its quarterly earnings results on Friday, August 5th. The company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.50). Canopy Growth had a negative return on equity of 25.21% and a negative net margin of 558.27%. The company had revenue of $122.90 million for the quarter, compared to analyst estimates of $113.45 million. During the same quarter in the previous year, the company posted ($0.13) earnings per share. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities analysts anticipate that Canopy Growth Co. will post -0.97 EPS for the current year.
Canopy Growth Company Profile
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.
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Read More: Canopy Growth (NASDAQ:CGC) Sees Large Volume Increase on Analyst Upgrade