Canopy Growth (NYSE:CGC) Posts Quarterly Earnings Results, Misses Estimates By $0.55 EPS

Canopy Growth (NYSE:CGC) issued its quarterly earnings data on Thursday. The marijuana producer reported ($0.82) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by ($0.55), reports. Canopy Growth had a negative return on equity of 12.84% and a negative net margin of 542.66%. The business had revenue of $58.03 million during the quarter, compared to the consensus estimate of $77.10 million.

NYSE CGC opened at $15.33 on Friday. Canopy Growth has a 12 month low of $15.19 and a 12 month high of $52.74. The company’s 50 day moving average is $20.92 and its two-hundred day moving average is $32.55. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.03 and a current ratio of 10.37.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Coastal Capital Group Inc. bought a new stake in Canopy Growth during the 2nd quarter worth approximately $26,000. Manchester Financial Inc. purchased a new stake in Canopy Growth during the 2nd quarter valued at approximately $35,000. Westside Investment Management Inc. purchased a new stake in Canopy Growth during the 2nd quarter valued at approximately $28,518,000. Huntington National Bank grew its holdings in Canopy Growth by 199.7% during the 2nd quarter. Huntington National Bank now owns 899 shares of the marijuana producer’s stock valued at $36,000 after buying an additional 599 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC purchased a new stake in Canopy Growth during the 2nd quarter valued at approximately $39,000. Institutional investors own 9.09% of the company’s stock.

Several equities analysts have recently weighed in on CGC shares. Alliance Global Partners cut shares of Canopy Growth from a “buy” rating to a “neutral” rating in a research note on Friday. Desjardins reiterated a “hold” rating on shares of Canopy Growth in a research note on Friday, August 16th. Stifel Nicolaus lowered their price objective on shares of Canopy Growth from $34.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday. Piper Jaffray Companies lowered their price objective 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, October 22nd. Finally, Zacks Investment Research upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $43.51.

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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Earnings History for Canopy Growth (NYSE:CGC)

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