$85.97 Million in Sales Expected for Canopy Growth Corp (NYSE:CGC) This Quarter
Wall Street brokerages expect Canopy Growth Corp (NYSE:CGC) to announce sales of $85.97 million for the current quarter, according to Zacks. Five analysts have made estimates for Canopy Growth’s earnings. The highest sales estimate is $95.00 million and the lowest is $78.63 million. Canopy Growth posted sales of $20.09 million during the same quarter last year, which indicates a positive year-over-year growth rate of 327.9%. The firm is expected to issue its next earnings report after the market closes on Wednesday, August 14th.
According to Zacks, analysts expect that Canopy Growth will report full year sales of $511.48 million for the current financial year, with estimates ranging from $456.99 million to $570.00 million. For the next year, analysts expect that the business will report sales of $1.02 billion, with estimates ranging from $900.98 million to $1.21 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Canopy Growth.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The business had revenue of $70.74 million for the quarter, compared to analysts’ expectations of $71.06 million. Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%.
NYSE CGC traded up $1.33 on Friday, hitting $34.20. The stock had a trading volume of 3,540,823 shares, compared to its average volume of 6,539,766. Canopy Growth has a one year low of $24.46 and a one year high of $59.25. 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 $11.41 billion, a PE ratio of -21.51 and a beta of 3.63. The firm’s 50-day simple moving average is $35.98.
Several large investors have recently modified their holdings of the company. Stone House Investment Management LLC bought a new stake in shares of Canopy Growth in the first quarter worth $25,000. Ellis Investment Partners LLC bought a new position in Canopy Growth in the 1st quarter valued at approximately $25,000. Coastal Capital Group Inc. bought a new position in Canopy Growth in the 2nd quarter valued at approximately $26,000. Global Retirement Partners LLC raised its holdings in Canopy Growth by 524.0% in the 1st quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock valued at $27,000 after buying an additional 524 shares during the last quarter. Finally, Private Capital Group LLC raised its holdings in Canopy Growth by 221.5% in the 1st quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after buying an additional 443 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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