Canopy Growth (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 2783103 shares.

CGC has been the subject of a number of research analyst reports. CIBC began coverage on Canopy Growth in a research report on Friday, January 18th. They set an “outperform” rating for the company. GMP Securities cut Canopy Growth from a “buy” rating to a “hold” rating in a report on Tuesday, February 19th. Piper Jaffray Companies set a $60.00 price objective on Canopy Growth and gave the company a “buy” rating in a report on Saturday, February 2nd. Jefferies Financial Group began coverage on Canopy Growth in a report on Monday, February 25th. They set a “hold” rating on the stock. Finally, Seaport Global Securities began coverage on Canopy Growth in a report on Thursday, February 21st. They set a “neutral” rating and a $46.27 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $57.85.

The company has a quick ratio of 17.12, a current ratio of 17.85 and a debt-to-equity ratio of 0.10. The stock has a market cap of $15.06 billion, a price-to-earnings ratio of -141.56 and a beta of 4.17.



Canopy Growth (NYSE:CGC) last released its quarterly earnings results on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share 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 firm had revenue of $62.85 million for the quarter, compared to the consensus estimate of $66.09 million. On average, equities analysts forecast that Canopy Growth Corp will post -1.08 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Canopy Growth by 23.4% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 91,219 shares of the marijuana producer’s stock valued at $3,949,000 after purchasing an additional 17,291 shares in the last quarter. Morgan Stanley boosted its holdings in Canopy Growth by 21.2% in the first quarter. Morgan Stanley now owns 1,961,228 shares of the marijuana producer’s stock worth $85,059,000 after acquiring an additional 343,054 shares in the last quarter. Man Group plc bought a new stake in Canopy Growth in the first quarter worth $589,000. M&T Bank Corp boosted its holdings in Canopy Growth by 7.0% in the first quarter. M&T Bank Corp now owns 13,717 shares of the marijuana producer’s stock worth $595,000 after acquiring an additional 900 shares in the last quarter. Finally, Coastal Investment Advisors Inc. bought a new stake in Canopy Growth in the first quarter worth $50,000. Institutional investors own 8.05% of the company’s stock.

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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, Bedrocan Canada, CraftGrow, and Foria brand names.

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