Canopy Growth (NYSE:CGC) Shares Gap Down to $43.76

Canopy Growth Corp (NYSE:CGC) shares gapped down prior to trading on Tuesday . The stock had previously closed at $41.05, but opened at $43.76. Canopy Growth shares last traded at $45.47, with a volume of 2,783,103 shares changing hands.

A number of research analysts have weighed in on the stock. Seaport Global Securities assumed coverage on shares of Weyerhaeuser in a report on Tuesday, April 2nd. They issued a “buy” rating for the company. Alliance Global Partners set a C$75.00 target price on shares of Canopy Growth and gave the stock a “buy” rating in a research note on Monday, May 13th. Piper Jaffray Companies set a $92.00 target price on shares of Wintrust Financial and gave the stock a “buy” rating in a research note on Monday. Desjardins reissued a “buy” rating on shares of Fiera Capital in a research note on Thursday, July 4th. Finally, Bryan, Garnier & Co reissued a “neutral” rating and set a $60.00 target price (down previously from $85.00) on shares of in a research note on Friday, July 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $55.34.

The company has a market capitalization of $12.83 billion, a price-to-earnings ratio of -21.52 and a beta of 3.65. The firm has a 50 day moving average price of $41.27. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.49 and a current ratio of 12.32.



Canopy Growth (NYSE:CGC) last released its earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The company had revenue of $70.74 million for the quarter, compared to analysts’ expectations of $71.06 million. Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%. On average, analysts predict that Canopy Growth Corp will post -0.82 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tradewinds Capital Management LLC grew its stake in Canopy Growth by 36.2% during the 1st quarter. Tradewinds Capital Management LLC now owns 847 shares of the marijuana producer’s stock valued at $37,000 after acquiring an additional 225 shares in the last quarter. Wealthcare Advisory Partners LLC grew its stake in Canopy Growth by 15.9% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 1,906 shares of the marijuana producer’s stock valued at $83,000 after acquiring an additional 261 shares in the last quarter. IPG Investment Advisors LLC grew its stake in Canopy Growth by 4.0% during the 1st quarter. IPG Investment Advisors LLC now owns 7,772 shares of the marijuana producer’s stock valued at $336,000 after acquiring an additional 300 shares in the last quarter. Hudock Capital Group LLC grew its stake in Canopy Growth by 99.5% during the 1st quarter. Hudock Capital Group LLC now owns 868 shares of the marijuana producer’s stock valued at $37,000 after acquiring an additional 433 shares in the last quarter. Finally, Private Capital Group LLC grew its stake in Canopy Growth by 221.5% during the 1st quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after acquiring an additional 443 shares in the last quarter. 8.05% of the stock is owned by institutional investors.

About Canopy Growth (NYSE:CGC)

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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