Canopy Growth (NASDAQ:CGC) Upgraded to “Moderate Buy” at ATB Cormark Capital Markets

ATB Cormark Capital Markets upgraded shares of Canopy Growth (NASDAQ:CGC) from a strong sell rating to a moderate buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on CGC. Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a report on Saturday, February 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, January 21st. Finally, Wall Street Zen cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce”.

Canopy Growth Stock Up 4.9%

CGC opened at $1.07 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.26 and a current ratio of 5.34. The company has a market cap of $432.41 million, a price-to-earnings ratio of -0.82 and a beta of 0.57. Canopy Growth has a one year low of $0.77 and a one year high of $2.38. The business’s fifty day moving average is $1.13 and its two-hundred day moving average is $1.25.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%.The firm had revenue of $90.39 million for the quarter, compared to analyst estimates of $70.96 million. Analysts anticipate that Canopy Growth will post -2.81 EPS for the current fiscal year.

Institutional Trading of Canopy Growth

Institutional investors and hedge funds have recently bought and sold shares of the business. Two Sigma Securities LLC raised its holdings in Canopy Growth by 4.4% in the second quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock valued at $343,000 after buying an additional 11,942 shares during the period. Lake Street Private Wealth LLC grew its stake in Canopy Growth by 16.9% during the fourth quarter. Lake Street Private Wealth LLC now owns 90,300 shares of the company’s stock worth $103,000 after buying an additional 13,050 shares during the period. Commonwealth Equity Services LLC increased its position in shares of Canopy Growth by 23.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company’s stock worth $84,000 after acquiring an additional 13,814 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Canopy Growth by 44.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 46,845 shares of the company’s stock valued at $68,000 after acquiring an additional 14,509 shares during the period. Finally, Midwest Trust Co purchased a new position in shares of Canopy Growth in the 3rd quarter valued at $31,000. Institutional investors and hedge funds 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.