Canopy Growth (NYSE:CGC) Now Covered by Compass Point
Equities researchers at Compass Point began coverage on shares of Canopy Growth (NYSE:CGC) in a report released on Monday, June 10th, MarketBeat reports. The firm set a “neutral” rating and a $43.76 price target on the marijuana producer’s stock. Compass Point’s price target points to a potential upside of 27.92% from the stock’s previous close.
Several other research analysts also recently issued reports on the company. Stifel Nicolaus cut their price target on MacroGenics from $36.00 to $29.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Jefferies Financial Group assumed coverage on in a research note on Monday, February 25th. They set a “buy” rating for the company. Seaport Global Securities assumed coverage on Weyerhaeuser in a research note on Tuesday, April 2nd. They set a “buy” rating for the company. Desjardins reaffirmed a “buy” rating on shares of Horizons Enhcd Inc Eqy Cl E Unt Etf in a research note on Thursday, April 25th. Finally, Piper Jaffray Companies set a $80.00 price target on Canopy Growth and gave the stock a “buy” rating in a research note on Friday, April 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $55.34.
Shares of NYSE:CGC traded down $2.88 during midday trading on Monday, hitting $34.21. 14,116,477 shares of the stock were exchanged, compared to its average volume of 7,068,426. The company has a market capitalization of $12.83 billion, a PE ratio of -21.52 and a beta of 3.65. The company has a current ratio of 12.32, a quick ratio of 11.49 and a debt-to-equity ratio of 0.12. Canopy Growth has a twelve month low of $24.21 and a twelve month high of $59.25. The firm has a 50 day simple moving average of $41.27.
Hedge funds have recently made changes to their positions in the stock. Commerzbank Aktiengesellschaft FI raised its stake in Canopy Growth by 21.9% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 107,055 shares of the marijuana producer’s stock valued at $2,877,000 after purchasing an additional 19,204 shares during the last quarter. Certified Advisory Corp increased its stake in shares of Canopy Growth by 76.2% during the 1st quarter. Certified Advisory Corp now owns 2,296 shares of the marijuana producer’s stock valued at $100,000 after acquiring an additional 993 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Canopy Growth by 111.2% during the 4th quarter. Deutsche Bank AG now owns 176,861 shares of the marijuana producer’s stock valued at $4,749,000 after acquiring an additional 93,136 shares during the last quarter. Gainplan LLC acquired a new position in shares of Canopy Growth during the 4th quarter valued at about $269,000. Finally, Commonwealth Equity Services LLC increased its stake in shares of Canopy Growth by 19.7% during the 4th quarter. Commonwealth Equity Services LLC now owns 241,282 shares of the marijuana producer’s stock valued at $6,483,000 after acquiring an additional 39,747 shares during the last quarter. 8.05% of the stock is owned by hedge funds and other 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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