Wall Street Zen Downgrades Canopy Growth (NASDAQ:CGC) to Sell

Canopy Growth (NASDAQ:CGC) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

Several other research analysts have also commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, January 21st. Benchmark upgraded Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a research report on Saturday. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Canopy Growth has a consensus rating of “Reduce”.

Canopy Growth Trading Up 1.9%

Shares of CGC opened at $1.10 on Friday. The stock has a market capitalization of $405.30 million, a PE ratio of -0.85 and a beta of 0.56. The company’s fifty day moving average is $1.25 and its 200 day moving average is $1.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.23 and a current ratio of 5.50. Canopy Growth has a fifty-two week low of $0.77 and a fifty-two week high of $2.38.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data on Friday, November 7th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.10. The business had revenue of $47.86 million during the quarter, compared to analysts’ expectations of $71.82 million. Canopy Growth had a negative net margin of 94.39% and a negative return on equity of 50.58%. Sell-side analysts expect that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

Large investors have recently bought and sold shares of the business. Jones Financial Companies Lllp increased its stake in Canopy Growth by 10,308.3% in the first quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock worth $882,000 after purchasing an additional 960,218 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Canopy Growth by 64.6% in the first quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock worth $301,000 after purchasing an additional 129,620 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Canopy Growth by 81.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after buying an additional 14,498 shares during the period. TD Asset Management Inc increased its stake in Canopy Growth by 58.5% in the 2nd quarter. TD Asset Management Inc now owns 178,719 shares of the company’s stock worth $220,000 after buying an additional 65,998 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in Canopy Growth by 47.6% during the 2nd quarter. SBI Securities Co. Ltd. now owns 532,541 shares of the company’s stock valued at $650,000 after buying an additional 171,803 shares in the last quarter. Hedge funds and other institutional investors own 3.33% of the company’s stock.

About Canopy Growth

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.