Canopy Growth Corp (NYSE:CGC) shares were down 6.7% during trading on Wednesday . The stock traded as low as $31.29 and last traded at $31.91, approximately 3,781,580 shares changed hands during trading. A decline of 42% from the average daily volume of 6,529,542 shares. The stock had previously closed at $34.20.
Several research analysts recently commented on CGC shares. Consumer Edge started coverage on Canopy Growth in a research note on Friday, June 28th. They set an “equal weight” rating for the company. GMP Securities raised Canopy Growth from a “hold” rating to a “buy” rating and lifted their price target for the stock from $65.00 to $72.00 in a report on Monday, April 22nd. LADENBURG THALM/SH SH started coverage on Canopy Growth in a report on Wednesday, July 17th. They set a “buy” rating and a $50.00 price target for the company. Evercore ISI started coverage on Canopy Growth in a report on Wednesday, June 12th. They set an “outperform” rating and a $107.57 price target for the company. Finally, Compass Point started coverage on Canopy Growth in a report on Monday, June 10th. They set a “neutral” rating and a $43.76 price target for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. Canopy Growth has a consensus rating of “Hold” and a consensus price target of $54.86.
The company has a debt-to-equity ratio of 0.12, a current ratio of 12.32 and a quick ratio of 11.49. The stock has a market capitalization of $11.41 billion, a price-to-earnings ratio of -20.07 and a beta of 3.63. The company’s fifty day moving average price is $35.81.
Canopy Growth (NYSE:CGC) last posted its earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative net margin of 304.03% and a negative return on equity of 15.82%. The firm had revenue of $70.74 million during the quarter, compared to analysts’ expectations of $71.06 million. As a group, research analysts forecast that Canopy Growth Corp will post -0.9 EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Ellis Investment Partners LLC purchased a new stake in shares of Canopy Growth in the 1st quarter valued at about $25,000. Coastal Capital Group Inc. purchased a new stake in Canopy Growth during the 2nd quarter valued at approximately $26,000. Global Retirement Partners LLC raised its stake in Canopy Growth by 524.0% during the 1st quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock valued at $27,000 after acquiring an additional 524 shares during the last quarter. Private Capital Group LLC raised its stake in Canopy Growth by 221.5% during the 1st quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after acquiring an additional 443 shares during the last quarter. Finally, TCG Advisors LP purchased a new stake in Canopy Growth during the 1st quarter valued at approximately $28,000. 8.16% of the stock is owned by institutional investors and hedge funds.
Canopy Growth Company Profile (NYSE:CGC)
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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