Zacks Investment Research Upgrades Canopy Growth (NYSE:CGC) to “Hold”

Canopy Growth (NYSE:CGC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday, April 15th.

According to Zacks, “Canopy Growth Corporation is a cannabis company. It offers dry cannabis and oil products primarily under the Tweed brand. Canopy Growth Corporation is headquartered in Smiths Falls, Canada. “

A number of other research analysts also recently issued reports on the stock. GMP Securities downgraded shares of Canopy Growth from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Seaport Global Securities started coverage on shares of Weyerhaeuser in a research note on Tuesday, April 2nd. They issued a “buy” rating for the company. CIBC decreased their price target on shares of Peyto Exploration & Development from C$12.00 to C$10.00 in a research note on Friday, January 18th. Jefferies Financial Group started coverage on shares of in a research note on Monday, February 25th. They issued a “buy” rating for the company. Finally, Piper Jaffray Companies set a $80.00 price target on shares of 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. The company presently has a consensus rating of “Hold” and a consensus target price of $55.34.



Shares of NYSE CGC traded down $2.88 during midday trading on Monday, hitting $34.21. The company’s stock had a trading volume of 14,116,477 shares, compared to its average volume of 7,068,426. The company’s fifty day moving average price is $41.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 12.32 and a quick ratio of 11.49. Canopy Growth has a 1 year low of $24.21 and a 1 year high of $59.25. The stock has a market capitalization of $12.83 billion, a price-to-earnings ratio of -21.52 and a beta of 3.65.

Canopy Growth (NYSE:CGC) last posted its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative net margin of 304.03% and a negative return on equity of 15.82%. The business had revenue of $70.74 million during the quarter, compared to analysts’ expectations of $71.06 million. As a group, equities analysts forecast that Canopy Growth will post -0.82 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc raised its holdings in Canopy Growth by 4.4% during the third 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 in the last quarter. Vanguard Group Inc. raised its holdings in Canopy Growth by 4.4% during the third 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 in the last quarter. Morgan Stanley raised its holdings in Canopy Growth by 243.3% during the third quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after purchasing an additional 2,937,286 shares in the last quarter. ETF Managers Group LLC acquired a new stake in Canopy Growth during the fourth quarter worth approximately $40,644,000. Finally, Macquarie Group Ltd. acquired a new stake in Canopy Growth during the third quarter worth approximately $66,202,000. Institutional investors own 8.05% 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, CraftGrow, and Foria brand names.

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