Wall Street analysts expect Canopy Growth Co. (NASDAQ:CGC) to post earnings of ($0.18) per share for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Canopy Growth’s earnings. The lowest EPS estimate is ($0.24) and the highest is ($0.08). Canopy Growth posted earnings of ($1.16) per share during the same quarter last year, which suggests a positive year over year growth rate of 84.5%. The firm is scheduled to announce its next earnings results on Friday, June 4th.
According to Zacks, analysts expect that Canopy Growth will report full-year earnings of ($2.44) per share for the current fiscal year, with EPS estimates ranging from ($2.52) to ($2.30). For the next fiscal year, analysts expect that the company will post earnings of ($0.49) per share, with EPS estimates ranging from ($0.69) to ($0.15). Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that follow Canopy Growth.
A number of equities research analysts have issued reports on the stock. CIBC reduced their target price on shares of Canopy Growth from $55.00 to $38.00 and set a “neutral” rating on the stock in a report on Tuesday, May 11th. Canaccord Genuity cut Canopy Growth from a “hold” rating to a “sell” rating and increased their price objective for the company from $25.00 to $32.00 in a research note on Wednesday, February 10th. They noted that the move was a valuation call. Bank of America began coverage on Canopy Growth in a research note on Wednesday, April 28th. They set a “buy” rating for the company. Alliance Global Partners reduced their price target on Canopy Growth from $60.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 8th. Finally, Piper Sandler downgraded Canopy Growth from an “overweight” rating to a “neutral” rating and set a $27.00 price objective for the company. in a research report on Friday, February 5th. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $32.21.
Several institutional investors have recently bought and sold shares of the company. Voloridge Investment Management LLC acquired a new position in shares of Canopy Growth in the 4th quarter valued at $21,249,000. CIBC World Markets Inc. increased its stake in Canopy Growth by 144.9% in the first quarter. CIBC World Markets Inc. now owns 1,339,227 shares of the company’s stock valued at $42,895,000 after purchasing an additional 792,492 shares during the period. AdvisorShares Investments LLC raised its holdings in shares of Canopy Growth by 432.9% in the first quarter. AdvisorShares Investments LLC now owns 945,519 shares of the company’s stock valued at $30,285,000 after buying an additional 768,094 shares during the last quarter. Penserra Capital Management LLC boosted its stake in shares of Canopy Growth by 305.0% during the first quarter. Penserra Capital Management LLC now owns 458,780 shares of the company’s stock worth $14,694,000 after buying an additional 345,500 shares during the period. Finally, ETF Managers Group LLC boosted its stake in shares of Canopy Growth by 12.9% during the fourth quarter. ETF Managers Group LLC now owns 2,955,631 shares of the company’s stock worth $72,827,000 after buying an additional 338,119 shares during the period. 10.18% of the stock is owned by institutional investors and hedge funds.
About Canopy Growth
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.
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