Canopy Growth (NASDAQ:CGC) Earns "Sell (E+)" Rating from Weiss Ratings

Key Points

• Canopy Growth has received a "sell (E+)" rating from Weiss Ratings, while Zacks Research upgraded it to a "hold," reflecting mixed sentiment among analysts.
• The company's stock rose by 5.5% on Wednesday, trading at $1.53 with a significant volume of over 22 million shares.
• Insider transactions show mixed activity, with CEO Luc Mongeau purchasing shares while insider Christelle Gedeon sold almost 17,000 shares, suggesting cautious sentiment among stakeholders.

Canopy Growth (NASDAQ:CGC - Get Free Report)'s stock had its "sell (e+)" rating restated by Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Zacks Research upgraded Canopy Growth to a "hold" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Strong Sell".

Canopy Growth Trading Up 5.5%

NASDAQ CGC traded up $0.08 on Wednesday, hitting $1.53. The company's stock had a trading volume of 22,569,710 shares, compared to its average volume of 12,745,669. Canopy Growth has a 52-week low of $0.77 and a 52-week high of $5.80. The company has a current ratio of 3.07, a quick ratio of 2.12 and a debt-to-equity ratio of 0.59. The company's 50-day simple moving average is $1.38 and its 200 day simple moving average is $1.31. The firm has a market cap of $366.97 million, a P/E ratio of -0.50 and a beta of 0.71.

Canopy Growth (NASDAQ:CGC - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $52.98 million during the quarter, compared to analysts' expectations of $64.98 million. Canopy Growth had a negative return on equity of 89.93% and a negative net margin of 155.76%. Research analysts predict that Canopy Growth will post -2.81 EPS for the current fiscal year.

Insider Buying and Selling

In other Canopy Growth news, insider Christelle Gedeon sold 16,929 shares of Canopy Growth stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $1.74, for a total value of $29,456.46. Following the completion of the sale, the insider owned 368,488 shares of the company's stock, valued at approximately $641,169.12. This trade represents a 4.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Luc Mongeau bought 27,469 shares of Canopy Growth stock in a transaction on Monday, September 22nd. The stock was acquired at an average cost of $1.82 per share, with a total value of $49,993.58. Following the acquisition, the chief executive officer owned 812,368 shares in the company, valued at approximately $1,478,509.76. This represents a 3.50% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 50,300 shares of company stock valued at $84,373. 0.16% of the stock is owned by corporate insiders.

Institutional Trading of Canopy Growth

Large investors have recently modified their holdings of the company. Boothbay Fund Management LLC bought a new stake in shares of Canopy Growth in the second quarter worth $30,000. Wealth Enhancement Advisory Services LLC lifted its position in Canopy Growth by 81.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company's stock valued at $41,000 after purchasing an additional 14,498 shares in the last quarter. Mackenzie Financial Corp lifted its position in Canopy Growth by 56.5% during the first quarter. Mackenzie Financial Corp now owns 50,413 shares of the company's stock valued at $47,000 after purchasing an additional 18,202 shares in the last quarter. Osaic Holdings Inc. lifted its position in Canopy Growth by 77.6% during the second quarter. Osaic Holdings Inc. now owns 75,335 shares of the company's stock valued at $92,000 after purchasing an additional 32,927 shares in the last quarter. Finally, TD Asset Management Inc lifted its position in Canopy Growth by 47.3% during the first quarter. TD Asset Management Inc now owns 112,721 shares of the company's stock valued at $104,000 after purchasing an additional 36,211 shares in the last quarter. Institutional investors own 3.33% of the company's stock.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.

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