Wall Street analysts forecast that Canopy Growth Corp (NYSE:CGC) will announce sales of $77.10 million for the current quarter, according to Zacks. Seven analysts have provided estimates for Canopy Growth’s earnings, with estimates ranging from $68.31 million to $86.85 million. Canopy Growth posted sales of $17.85 million in the same quarter last year, which would indicate a positive year over year growth rate of 331.9%. The firm is scheduled to issue its next quarterly earnings results before the market opens on Thursday, November 14th.

On average, analysts expect that Canopy Growth will report full-year sales of $394.89 million for the current fiscal year, with estimates ranging from $293.98 million to $461.78 million. For the next financial year, analysts expect that the firm will post sales of $782.87 million, with estimates ranging from $360.09 million to $1.06 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Canopy Growth.

Canopy Growth (NYSE:CGC) last issued its earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.06. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. The company had revenue of $67.65 million for the quarter, compared to analyst estimates of $85.97 million.

CGC has been the subject of a number of research analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $44.00 price objective (down previously from $50.00) on shares of Canopy Growth in a research note on Friday, August 16th. LADENBURG THALM/SH SH started coverage on Canopy Growth in a report on Wednesday, July 17th. They issued a “buy” rating and a $50.00 price target for the company. Bank of America cut Canopy Growth from a “buy” rating to a “neutral” rating and set a $27.00 price target for the company. in a report on Friday, September 27th. Zacks Investment Research upgraded Canopy Growth from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Thursday, October 31st. Finally, Desjardins reiterated a “hold” rating on shares of Canopy Growth in a research note on Friday, August 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $47.21.

Shares of CGC stock opened at $21.46 on Friday. The firm has a 50-day moving average price of $21.69 and a 200 day moving average price of $33.42. Canopy Growth has a twelve month low of $17.89 and a twelve month high of $52.74. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of -13.50 and a beta of 3.71. The company has a current ratio of 10.37, a quick ratio of 9.03 and a debt-to-equity ratio of 0.13.

A number of hedge funds have recently made changes to their positions in CGC. Vanguard Group Inc. raised its position in Canopy Growth by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 4,983,838 shares of the marijuana producer’s stock valued at $200,899,000 after purchasing an additional 125,275 shares during the last quarter. ETF Managers Group LLC acquired a new position in Canopy Growth in the second quarter valued at about $82,823,000. Morgan Stanley grew its stake in Canopy Growth by 4.2% in the second quarter. Morgan Stanley now owns 2,043,350 shares of the marijuana producer’s stock valued at $82,368,000 after acquiring an additional 82,122 shares during the period. TD Asset Management Inc. boosted its position in shares of Canopy Growth by 3.8% during the second quarter. TD Asset Management Inc. now owns 792,827 shares of the marijuana producer’s stock worth $32,077,000 after buying an additional 29,224 shares during the period. Finally, Swiss National Bank boosted its position in shares of Canopy Growth by 5.2% during the second quarter. Swiss National Bank now owns 759,400 shares of the marijuana producer’s stock worth $30,657,000 after buying an additional 37,500 shares during the period. 9.16% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Company Profile

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, CraftGrow, and Foria brand names.

Featured Story: Accumulation/Distribution

Get a free copy of the Zacks research report on Canopy Growth (CGC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Canopy Growth (NYSE:CGC)

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.