According to Zacks, “Canopy Growth Corporation is a cannabis company. It offers dry cannabis and oil products primarily under the Tweed and Bedrocan brands. Canopy Growth Corporation is headquartered in Smiths Falls, Canada. “
Several other brokerages also recently issued reports on CGC. Piper Jaffray Companies set a $60.00 price objective on Canopy Growth and gave the company a buy rating in a research report on Saturday, February 2nd. GMP Securities downgraded Canopy Growth from a buy rating to a hold rating in a research report on Tuesday, February 19th. CIBC initiated coverage on Canopy Growth in a research report on Friday, January 18th. They issued an outperform rating for the company. Seaport Global Securities initiated coverage on Canopy Growth in a research report on Thursday, February 21st. They issued a neutral rating and a $46.27 price objective for the company. Finally, Jefferies Financial Group started coverage on Canopy Growth in a research report on Monday, February 25th. They issued a hold rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $54.32.
Canopy Growth (NYSE:CGC) last issued its quarterly earnings data on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.52). Canopy Growth had a negative net margin of 267.40% and a negative return on equity of 14.39%. The business had revenue of $62.85 million during the quarter, compared to the consensus estimate of $66.09 million. On average, equities research analysts forecast that Canopy Growth will post -1.33 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in CGC. Stone House Investment Management LLC bought a new stake in shares of Canopy Growth during the first quarter worth $25,000. North Star Investment Management Corp. bought a new stake in shares of Canopy Growth during the fourth quarter worth $26,000. Cypress Capital Management LLC WY bought a new stake in shares of Canopy Growth during the fourth quarter worth $27,000. Next Capital Management LLC bought a new stake in shares of Canopy Growth during the fourth quarter worth $27,000. Finally, Gradient Investments LLC raised its position in shares of Canopy Growth by 29.2% during the fourth quarter. Gradient Investments LLC now owns 1,063 shares of the marijuana producer’s stock worth $29,000 after acquiring an additional 240 shares during the last quarter. Institutional investors own 8.53% 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, Bedrocan Canada, CraftGrow, and Foria brand names.
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