Canopy Growth (NASDAQ:CGC) Releases Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Canopy Growth reported an EPS of ($0.14), beating analysts' estimates of ($0.15) by $0.01, although its revenue of $52.98 million fell short of expectations of $64.98 million.
• The company's stock experienced a 19% increase following the earnings release, and as of Friday, opened at $1.25 with a market capitalization of $256.44 million.
• Goldman Sachs Group Inc. significantly increased its stake in Canopy Growth by 64.6% during the first quarter, now owning 0.18% of the company valued at $301,000.

Canopy Growth (NASDAQ:CGC - Get Free Report) posted its quarterly earnings data on Friday. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01, Zacks reports. Canopy Growth had a negative net margin of 195.76% and a negative return on equity of 88.54%. The company had revenue of $52.98 million during the quarter, compared to the consensus estimate of $64.98 million.

Canopy Growth Stock Up 19.0%

Canopy Growth stock opened at $1.25 on Friday. The company has a market capitalization of $256.44 million, a P/E ratio of -0.41 and a beta of 0.67. The company has a quick ratio of 2.10, a current ratio of 3.12 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average price of $1.23 and a 200-day moving average price of $1.36. Canopy Growth has a twelve month low of $0.77 and a twelve month high of $7.21.

Analyst Upgrades and Downgrades

Separately, Piper Sandler reaffirmed an "underweight" rating on shares of Canopy Growth in a report on Friday, May 30th.

Institutional Trading of Canopy Growth

A hedge fund recently raised its stake in Canopy Growth stock. Goldman Sachs Group Inc. boosted its position in Canopy Growth Corporation (NASDAQ:CGC - Free Report) by 64.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 330,278 shares of the company's stock after acquiring an additional 129,620 shares during the period. Goldman Sachs Group Inc. owned 0.18% of Canopy Growth worth $301,000 at the end of the most recent reporting period. 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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