Canopy Growth (CGC) Upgraded by GMP Securities to “Buy”
Canopy Growth (NYSE:CGC) was upgraded by GMP Securities from a “hold” rating to a “buy” rating in a note issued to investors on Monday, The Fly reports.
Other analysts have also recently issued research reports about the stock. Piper Jaffray Companies set a $80.00 target price on shares of Canopy Growth and gave the company a “buy” rating in a research report on Friday, April 12th. Bank of America began coverage on shares of Canopy Growth in a research report on Wednesday, April 17th. They issued a “buy” rating for the company. TheStreet upgraded shares of Canopy Growth from a “d+” rating to a “c” rating in a research report on Friday, March 1st. Zacks Investment Research upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. Finally, Seaport Global Securities restated a “hold” rating on shares of Canopy Growth in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.32.
Shares of Canopy Growth stock opened at $44.56 on Monday. The firm has a market cap of $14.91 billion, a price-to-earnings ratio of -139.25 and a beta of 4.22. Canopy Growth has a 52 week low of $20.99 and a 52 week high of $59.25. The company has a debt-to-equity ratio of 0.10, a current ratio of 17.85 and a quick ratio of 17.12.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CGC. Morgan Stanley increased its position in shares of Canopy Growth by 243.3% in the 3rd quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock valued at $201,598,000 after buying an additional 2,937,286 shares in the last quarter. ETF Managers Group LLC bought a new stake in shares of Canopy Growth in the 4th quarter valued at $40,644,000. Norges Bank bought a new stake in shares of Canopy Growth in the 4th quarter valued at $30,296,000. Bank of New York Mellon Corp boosted its stake in Canopy Growth by 4,386.9% in the 4th quarter. Bank of New York Mellon Corp now owns 226,500 shares of the marijuana producer’s stock worth $6,086,000 after purchasing an additional 221,452 shares during the period. Finally, Vanguard Group Inc boosted its stake in Canopy Growth by 4.4% in the 3rd quarter. Vanguard Group Inc now owns 4,310,420 shares of the marijuana producer’s stock worth $209,658,000 after purchasing an additional 180,130 shares during the period. Institutional investors and hedge funds own 8.53% 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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