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. Bank of America downgraded shares of Canopy Growth from a buy rating to a neutral rating and set a $27.00 price target for the company. in a report on Friday, September 27th. Stifel Nicolaus reissued a buy rating and set a $44.00 price target (down previously from $50.00) on shares of Canopy Growth in a report on Friday, August 16th. Oppenheimer started coverage on shares of Canopy Growth in a report on Tuesday, September 17th. They set a market perform rating for the company. Jefferies Financial Group downgraded shares of Canopy Growth from a hold rating to an underperform rating and set a $25.00 price target for the company. in a report on Friday, October 11th. Finally, Seaport Global Securities downgraded shares of Canopy Growth from a buy rating to a neutral rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $47.39.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.06. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. The company had revenue of $67.65 million during the quarter, compared to the consensus estimate of $85.97 million. As a group, equities research analysts forecast that Canopy Growth will post -1 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of CGC. Coastal Capital Group Inc. acquired a new stake in Canopy Growth in the second quarter worth about $26,000. LLBH Private Wealth Management LLC bought a new stake in Canopy Growth in the second quarter worth about $34,000. Manchester Financial Inc. bought a new stake in Canopy Growth in the second quarter worth about $35,000. Huntington National Bank raised its position in Canopy Growth by 199.7% in the second quarter. Huntington National Bank now owns 899 shares of the marijuana producer’s stock worth $36,000 after acquiring an additional 599 shares in the last quarter. Finally, North Star Investment Management Corp. bought a new stake in Canopy Growth in the third quarter worth about $36,000. 9.27% of the stock is owned by institutional investors and hedge funds.
Canopy Growth Company Profile
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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