Analysts Expect Canopy Growth Corp (NYSE:CGC) to Post -$0.26 EPS

Equities analysts expect Canopy Growth Corp (NYSE:CGC) to report ($0.26) earnings per share for the current quarter, according to Zacks. Seven analysts have provided estimates for Canopy Growth’s earnings. The highest EPS estimate is ($0.10) and the lowest is ($0.43). Canopy Growth posted earnings of ($0.76) per share during the same quarter last year, which suggests a positive year over year growth rate of 65.8%. The company is scheduled to report its next earnings report on Wednesday, November 13th.

On average, analysts expect that Canopy Growth will report full year earnings of ($3.54) per share for the current year, with EPS estimates ranging from ($3.95) to ($3.12). For the next fiscal year, analysts anticipate that the company will post earnings of ($0.53) per share, with EPS estimates ranging from ($1.53) to $0.17. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that cover Canopy Growth.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $67.65 million for the quarter, compared to analyst estimates of $85.97 million.

Several equities research analysts recently commented on the stock. Consumer Edge assumed coverage on shares of Canopy Growth in a research note on Friday, June 28th. They set an “equal weight” rating on the stock. Jefferies Financial Group lowered shares of Canopy Growth from a “hold” rating to an “underperform” rating and set a $25.00 price target on the stock. in a research note on Friday, October 11th. Stifel Nicolaus reiterated a “buy” rating and set a $44.00 price target (down from $50.00) on shares of Canopy Growth in a research note on Friday, August 16th. Piper Jaffray Companies cut their price target on shares of Canopy Growth from $40.00 to $36.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Seaport Global Securities lowered shares of Canopy Growth from a “buy” rating to a “neutral” rating in a research note on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $47.03.

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in Canopy Growth by 66.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 601,365 shares of the marijuana producer’s stock worth $24,452,000 after purchasing an additional 239,617 shares during the last quarter. Korea Investment CORP grew its position in Canopy Growth by 4.0% during the 2nd quarter. Korea Investment CORP now owns 432,600 shares of the marijuana producer’s stock worth $17,438,000 after purchasing an additional 16,800 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Canopy Growth by 23.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 192,644 shares of the marijuana producer’s stock worth $7,794,000 after purchasing an additional 36,414 shares during the last quarter. First Manhattan Co. grew its position in Canopy Growth by 128.3% during the 2nd quarter. First Manhattan Co. now owns 6,940 shares of the marijuana producer’s stock worth $279,000 after purchasing an additional 3,900 shares during the last quarter. Finally, Financial Advocates Investment Management purchased a new position in Canopy Growth during the 2nd quarter worth $215,000. 9.23% of the stock is currently owned by institutional investors.

Shares of CGC traded up $0.80 during midday trading on Tuesday, reaching $21.15. The stock had a trading volume of 3,751,227 shares, compared to its average volume of 6,279,154. Canopy Growth has a 1-year low of $17.89 and a 1-year high of $52.74. The company’s fifty day simple moving average is $23.78 and its two-hundred day simple moving average is $35.29. The company has a market cap of $7.27 billion, a price-to-earnings ratio of -13.30 and a beta of 3.77. 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 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.

Read More: Different Options Trading Strategies

Get a free copy of the Zacks research report on Canopy Growth (CGC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Canopy Growth (NYSE:CGC)

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.