Canopy Growth (NYSE:CGC) Trading Down 5.4%

Canopy Growth Corp (NYSE:CGC)’s stock price dropped 5.4% during trading on Thursday . The company traded as low as $25.12 and last traded at $25.13, approximately 8,075,331 shares were traded during trading. An increase of 23% from the average daily volume of 6,552,475 shares. The stock had previously closed at $26.57.

CGC has been the topic of a number of research analyst reports. Bank of America set a $53.00 price objective on shares of Canopy Growth and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Stifel Nicolaus restated a “buy” rating and set a $44.00 price objective (down from $50.00) on shares of Canopy Growth in a report on Friday, August 16th. Benchmark dropped their price objective on shares of Canopy Growth from $100.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Zacks Investment Research lowered shares of Canopy Growth from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Canopy Growth in a report on Wednesday, July 17th. They set a “buy” rating and a $50.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. Canopy Growth has a consensus rating of “Hold” and a consensus price target of $55.13.

The firm has a market cap of $9.21 billion, a P/E ratio of -15.65 and a beta of 3.63. The business’s 50-day moving average is $33.40 and its two-hundred day moving average is $41.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 10.37 and a quick ratio of 9.03.



Canopy Growth (NYSE:CGC) last released its earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The business had revenue of $70.74 million during the quarter, compared to the consensus estimate of $71.06 million. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. Equities research analysts predict that Canopy Growth Corp will post -1.94 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the stock. Certified Advisory Corp grew its position in Canopy Growth by 76.2% in the first quarter. Certified Advisory Corp now owns 2,296 shares of the marijuana producer’s stock valued at $100,000 after purchasing an additional 993 shares in the last quarter. Deutsche Bank AG grew its position in shares of Canopy Growth by 111.2% in the 4th quarter. Deutsche Bank AG now owns 176,861 shares of the marijuana producer’s stock valued at $4,749,000 after acquiring an additional 93,136 shares during the period. Oppenheimer & Co. Inc. grew its position in shares of Canopy Growth by 5.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 58,434 shares of the marijuana producer’s stock valued at $2,534,000 after acquiring an additional 3,239 shares during the period. CLARET ASSET MANAGEMENT Corp bought a new position in shares of Canopy Growth in the 1st quarter valued at about $220,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Canopy Growth by 30.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 46,447 shares of the marijuana producer’s stock valued at $2,014,000 after acquiring an additional 10,767 shares during the period. 8.98% of the stock is owned by institutional investors and hedge funds.

Canopy Growth Company Profile (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.

Featured Article: Intrinsic Value and Stock Selection

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.