Wall Street Zen Upgrades Canopy Growth (NASDAQ:CGC) to "Hold"

Key Points

• Wall Street Zen upgraded Canopy Growth from “sell” to “hold,” while Weiss Ratings recently maintained a sell rating. Overall, analysts’ consensus rating is “Hold.”
• Canopy Growth shares opened at $0.94, near the lower end of their $0.84–$2.38 one-year range, with a market capitalization of approximately $423 million.
• The company exceeded quarterly expectations, reporting a loss of $0.02 per share versus the anticipated $0.04 loss and revenue of $142.62 million versus a $58.21 million consensus estimate. Despite the beat, Canopy Growth posted a negative net margin of 65.33%.

Canopy Growth (NASDAQ:CGC - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings lowered shares of Canopy Growth from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, September 16th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold".

Canopy Growth Trading Up 1.3%

NASDAQ:CGC opened at $0.94 on Friday. The stock has a market cap of $423.02 million, a price-to-earnings ratio of -2.09 and a beta of 0.83. Canopy Growth has a one year low of $0.84 and a one year high of $2.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.39 and a current ratio of 3.04. The business's 50-day simple moving average is $0.96 and its 200 day simple moving average is $1.01.

Canopy Growth (NASDAQ:CGC - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. Canopy Growth had a negative return on equity of 21.91% and a negative net margin of 65.33%.The company had revenue of $142.62 million for the quarter, compared to the consensus estimate of $58.21 million. As a group, sell-side analysts predict that Canopy Growth will post -0.1 earnings per share for the current fiscal year.

Institutional Trading of Canopy Growth

Several hedge funds and other institutional investors have recently bought and sold shares of CGC. Foundations Investment Advisors LLC acquired a new stake in shares of Canopy Growth during the 4th quarter valued at approximately $485,000. Royal Bank of Canada boosted its holdings in Canopy Growth by 1,115.6% in the first quarter. Royal Bank of Canada now owns 975,967 shares of the company's stock worth $927,000 after purchasing an additional 895,680 shares during the period. Lazard Asset Management LLC bought a new stake in Canopy Growth during the first quarter valued at $1,716,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in Canopy Growth by 723.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company's stock valued at $5,239,000 after purchasing an additional 4,037,281 shares during the last quarter. 3.33% of the stock is owned by institutional investors.

Canopy Growth Company Profile

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and has developed a portfolio of cannabis brands serving both adult-use and medical markets.

Canopy Growth's products include dried cannabis flower, pre-rolls, cannabis oils, softgels, edibles, beverages and vaporization products. Its brand portfolio has included Tweed, 7ACRES, Doja, Deep Space and other cannabis brands, as well as Storz & Bickel vaporization products.

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