Canopy Growth (NASDAQ:CGC) Rating Lowered to Sell at Wall Street Zen

Canopy Growth (NASDAQ:CGC) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings upgraded shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold”.

Canopy Growth Stock Performance

CGC stock opened at $0.71 on Friday. The company has a market capitalization of $320.35 million, a PE ratio of -1.58 and a beta of 0.78. Canopy Growth has a 12 month low of $0.69 and a 12 month high of $2.38. The firm’s 50-day moving average is $0.94 and its 200 day moving average is $0.99. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.04 and a quick ratio of 2.39.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, August 7th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The company had revenue of $142.62 million during the quarter, compared to analyst estimates of $58.21 million. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. On average, research analysts anticipate that Canopy Growth will post -0.10 EPS for the current year.

Institutional Investors Weigh In On Canopy Growth

Several hedge funds have recently made changes to their positions in CGC. Caitong International Asset Management Co. Ltd raised its holdings in shares of Canopy Growth by 723.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after acquiring an additional 4,037,281 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Canopy Growth in the first quarter worth about $1,716,000. Finally, Royal Bank of Canada lifted its stake in Canopy Growth by 1,115.6% in the first quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock worth $927,000 after acquiring an additional 895,680 shares during the period. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

About Canopy Growth

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and became one of Canada’s early large-scale licensed cannabis producers.

Canopy Growth develops, produces, distributes and sells cannabis products for the Canadian medical and adult-use markets. Its offerings include dried flower, pre-rolls, oils, softgels, vapes, beverages and edibles marketed under brands such as Tweed, 7ACRES, DOJA and Deep Space.