Canopy Growth (NASDAQ:CGC) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Canopy Growth (NASDAQ:CGC) from a sell rating to a hold rating in a research report sent to investors on Saturday.

A number of other analysts have also recently commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, January 21st. Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a report on Saturday, February 7th. Finally, ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday, March 17th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce”.

Canopy Growth Trading Down 6.5%

NASDAQ CGC opened at $0.94 on Friday. The company has a fifty day simple moving average of $1.11 and a two-hundred day simple moving average of $1.24. The stock has a market cap of $381.81 million, a P/E ratio of -0.73 and a beta of 0.57. Canopy Growth has a 12-month low of $0.77 and a 12-month high of $2.38. The company has a current ratio of 5.34, a quick ratio of 4.26 and a debt-to-equity ratio of 0.30.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, February 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). Canopy Growth had a negative net margin of 94.39% and a negative return on equity of 46.85%. The company had revenue of $90.39 million for the quarter, compared to analysts’ expectations of $70.96 million. On average, analysts forecast that Canopy Growth will post -2.81 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd acquired a new stake in Canopy Growth in the 3rd quarter worth about $815,000. Insigneo Advisory Services LLC boosted its stake in shares of Canopy Growth by 168.7% in the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock worth $63,000 after acquiring an additional 27,000 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Canopy Growth by 20.3% in the third quarter. TD Asset Management Inc now owns 214,967 shares of the company’s stock worth $314,000 after acquiring an additional 36,248 shares during the last quarter. Baader Bank Aktiengesellschaft increased its position in shares of Canopy Growth by 112.4% during the third quarter. Baader Bank Aktiengesellschaft now owns 275,090 shares of the company’s stock worth $402,000 after purchasing an additional 145,547 shares in the last quarter. Finally, Midwest Trust Co acquired a new position in Canopy Growth in the 3rd quarter valued at $31,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Company Profile

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.