Canopy Growth Corp (NYSE:CGC) Expected to Post Quarterly Sales of $111.02 Million

Wall Street brokerages predict that Canopy Growth Corp (NYSE:CGC) will post $111.02 million in sales for the current quarter, Zacks reports. Five analysts have issued estimates for Canopy Growth’s earnings, with estimates ranging from $103.51 million to $117.19 million. Canopy Growth reported sales of $17.85 million in the same quarter last year, which would suggest a positive year over year growth rate of 522%. The company is expected to report its next earnings report on Wednesday, November 13th.

On average, analysts expect that Canopy Growth will report full-year sales of $509.67 million for the current financial year, with estimates ranging from $456.99 million to $570.00 million. For the next financial year, analysts anticipate that the business will post sales of $1.01 billion, with estimates ranging from $900.98 million to $1.16 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Canopy Growth.

Canopy Growth (NYSE:CGC) last released its quarterly earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.50). The firm had revenue of $70.74 million for the quarter, compared to analyst estimates of $71.06 million. Canopy Growth had a negative return on equity of 13.18% and a negative net margin of 647.47%.



Several equities analysts have weighed in on CGC shares. Benchmark dropped their price objective on Canopy Growth from $100.00 to $60.00 and set a “buy” rating for the company in a report on Friday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $44.00 price objective (down from $50.00) on shares of Canopy Growth in a report on Friday. Evercore ISI started coverage on Canopy Growth in a report on Wednesday, June 12th. They issued an “outperform” rating and a $107.57 price objective for the company. Desjardins reaffirmed a “hold” rating on shares of Canopy Growth in a report on Thursday, July 4th. Finally, Compass Point started coverage on Canopy Growth in a report on Monday, June 10th. They issued a “neutral” rating and a $43.76 price objective for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $55.13.

Several institutional investors and hedge funds have recently modified their holdings of CGC. ETF Managers Group LLC bought a new position in shares of Canopy Growth in the 2nd quarter valued at $82,823,000. Norges Bank bought a new position in shares of Canopy Growth in the 4th quarter valued at $30,296,000. Thoroughbred Financial Services LLC increased its stake in shares of Canopy Growth by 4,147.9% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 481,583 shares of the marijuana producer’s stock valued at $48,158,000 after purchasing an additional 470,246 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Canopy Growth by 358.4% in the 1st quarter. Janus Henderson Group PLC now owns 597,022 shares of the marijuana producer’s stock valued at $25,841,000 after purchasing an additional 466,768 shares during the last quarter. Finally, Nuveen Asset Management LLC bought a new position in shares of Canopy Growth in the 2nd quarter valued at $15,111,000. Institutional investors own 8.16% of the company’s stock.

NYSE CGC traded up $0.77 during midday trading on Friday, hitting $28.11. The company had a trading volume of 4,690,000 shares, compared to its average volume of 3,161,922. The company has a market capitalization of $11.07 billion, a PE ratio of -17.68 and a beta of 3.63. The company has a current ratio of 12.32, a quick ratio of 11.49 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average price of $35.33 and a 200-day moving average price of $42.38. Canopy Growth has a twelve month low of $25.26 and a twelve month high of $59.25.

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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