Canopy Growth (NYSE:CGC) Downgraded to “Hold” at Eight Capital

Eight Capital cut shares of Canopy Growth (NYSE:CGC) to a hold rating in a research note issued to investors on Friday morning, TipRanks reports. Eight Capital currently has $25.00 target price on the marijuana producer’s stock.

A number of other equities analysts also recently issued reports on CGC. Stifel Nicolaus restated a buy rating and set a $44.00 price objective (down from $50.00) on shares of Canopy Growth in a research report on Friday, August 16th. Cantor Fitzgerald started coverage on Canopy Growth in a research report on Tuesday, November 5th. They set a neutral rating for the company. Alliance Global Partners downgraded Canopy Growth from a buy rating to a neutral rating in a research report on Friday, November 15th. Piper Jaffray Companies lowered their price objective on Canopy Growth from $40.00 to $36.00 and set an overweight rating for the company in a research report on Tuesday, October 22nd. Finally, TheStreet downgraded Canopy Growth from a c- rating to a d+ rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Canopy Growth has a consensus rating of Hold and an average target price of $42.16.

Canopy Growth stock traded down $0.45 during trading hours on Friday, hitting $18.14. The stock had a trading volume of 4,859,088 shares, compared to its average volume of 6,579,933. The company has a quick ratio of 7.04, a current ratio of 8.38 and a debt-to-equity ratio of 0.10. The stock has a market cap of $6.32 billion, a price-to-earnings ratio of -11.41 and a beta of 3.60. Canopy Growth has a one year low of $13.81 and a one year high of $52.74. The business’s 50 day simple moving average is $19.40 and its 200-day simple moving average is $30.35.

Canopy Growth (NYSE:CGC) last posted its earnings results on Thursday, November 14th. The marijuana producer reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.55). Canopy Growth had a negative net margin of 542.66% and a negative return on equity of 13.44%. The firm had revenue of $58.03 million during the quarter, compared to the consensus estimate of $77.10 million. Research analysts anticipate that Canopy Growth will post -1.45 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AllSquare Wealth Management LLC grew its stake in Canopy Growth by 8.3% in the second quarter. AllSquare Wealth Management LLC now owns 4,500 shares of the marijuana producer’s stock valued at $182,000 after acquiring an additional 344 shares during the period. Tradewinds Capital Management LLC grew its stake in Canopy Growth by 41.9% in the second quarter. Tradewinds Capital Management LLC now owns 1,202 shares of the marijuana producer’s stock valued at $48,000 after acquiring an additional 355 shares during the period. Pictet Asset Management Ltd. grew its stake in Canopy Growth by 0.5% in the second quarter. Pictet Asset Management Ltd. now owns 77,571 shares of the marijuana producer’s stock valued at $3,138,000 after acquiring an additional 400 shares during the period. Oppenheimer & Co. Inc. grew its stake in Canopy Growth by 0.7% in the second quarter. Oppenheimer & Co. Inc. now owns 58,845 shares of the marijuana producer’s stock valued at $2,371,000 after acquiring an additional 411 shares during the period. Finally, Squar Milner Financial Services LLC grew its stake in Canopy Growth by 60.3% in the second quarter. Squar Milner Financial Services LLC now owns 1,250 shares of the marijuana producer’s stock valued at $50,000 after acquiring an additional 470 shares during the period. 10.15% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Canopy Growth (NYSE:CGC)

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