Canopy Growth (NYSE:CGC) was upgraded by equities research analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports.

Separately, ValuEngine upgraded Canopy Growth from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd.

Canopy Growth stock opened at $33.75 on Thursday. The company has a current ratio of 12.80, a quick ratio of 9.10 and a debt-to-equity ratio of 0.01. Canopy Growth has a 1-year low of $6.64 and a 1-year high of $36.55. The company has a market capitalization of $6.23 billion, a P/E ratio of -97.61 and a beta of 1.87.

Canopy Growth (NYSE:CGC) last posted its quarterly earnings results on Wednesday, June 27th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.23). Canopy Growth had a negative net margin of 84.88% and a negative return on equity of 7.79%. The business had revenue of $22.80 million during the quarter, compared to analysts’ expectations of $24.19 million. The business’s revenue was up 55.1% compared to the same quarter last year. equities analysts anticipate that Canopy Growth will post -0.18 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the stock. JW Asset Management LLC purchased a new stake in shares of Canopy Growth in the second quarter valued at approximately $37,819,000. Morgan Stanley purchased a new stake in shares of Canopy Growth in the second quarter valued at approximately $35,365,000. TD Asset Management Inc. purchased a new stake in shares of Canopy Growth in the second quarter valued at approximately $19,252,000. Indus Capital Partners LLC purchased a new stake in shares of Canopy Growth in the second quarter valued at approximately $19,226,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Canopy Growth during the second quarter worth $15,726,000. Hedge funds and other institutional investors own 1.40% 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, Bedrocan Canada, CraftGrow, and Foria brand names.

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