Shares of Canopy Growth Corp (NYSE:CGC) have received an average recommendation of “Hold” from the nineteen analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $57.03.

Several research analysts have commented on CGC shares. Zacks Investment Research downgraded Canopy Growth from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. Bryan, Garnier & Co downgraded Canopy Growth from a “buy” rating to a “neutral” rating in a research report on Friday, July 5th. Bank of America set a $53.00 price target on Canopy Growth and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Evercore ISI started coverage on Canopy Growth in a research report on Wednesday, June 12th. They issued an “outperform” rating and a $107.57 price target on the stock. Finally, Consumer Edge started coverage on Canopy Growth in a research report on Friday, June 28th. They issued an “equal weight” rating on the stock.

Shares of CGC stock traded up $0.77 during trading on Tuesday, reaching $28.11. The company had a trading volume of 4,690,000 shares, compared to its average volume of 3,633,973. The firm’s 50 day simple moving average is $35.33 and its two-hundred day simple moving average is $42.38. The company has a debt-to-equity ratio of 0.13, a current ratio of 10.37 and a quick ratio of 11.49. Canopy Growth has a one year low of $25.26 and a one year high of $59.25. The company has a market capitalization of $9.48 billion, a PE ratio of -17.68 and a beta of 3.63.

Canopy Growth (NYSE:CGC) last issued its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. The company had revenue of $70.74 million during the quarter, compared to the consensus estimate of $71.06 million. Analysts forecast that Canopy Growth will post -0.88 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Certified Advisory Corp increased its position in shares of Canopy Growth by 76.2% during the first quarter. Certified Advisory Corp now owns 2,296 shares of the marijuana producer’s stock valued at $100,000 after purchasing an additional 993 shares during the period. Deutsche Bank AG increased its position in shares of Canopy Growth by 111.2% during the fourth quarter. Deutsche Bank AG now owns 176,861 shares of the marijuana producer’s stock valued at $4,749,000 after purchasing an additional 93,136 shares during the period. Oppenheimer & Co. Inc. increased its position in shares of Canopy Growth by 5.9% during the first quarter. Oppenheimer & Co. Inc. now owns 58,434 shares of the marijuana producer’s stock valued at $2,534,000 after purchasing an additional 3,239 shares during the period. Flagship Harbor Advisors LLC increased its position in shares of Canopy Growth by 102.2% during the first quarter. Flagship Harbor Advisors LLC now owns 13,111 shares of the marijuana producer’s stock valued at $568,000 after purchasing an additional 6,628 shares during the period. Finally, CLARET ASSET MANAGEMENT Corp bought a new stake in shares of Canopy Growth during the first quarter valued at approximately $220,000. 8.16% of the stock is currently owned by institutional investors.

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, CraftGrow, and Foria brand names.

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Analyst Recommendations for Canopy Growth (NYSE:CGC)

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