Canopy Growth (NASDAQ:CGC) Stock Rating Upgraded by Zacks Research

Key Points

• Canopy Growth has been upgraded to a "hold" rating by Zacks Research, while Piper Sandler maintains an "underweight" rating on the stock.
• The company reported a 9.1% decline in its stock price, with current trading around $1.49 and a market capitalization of $305.67 million.
• Canopy Growth's most recent earnings showed a loss of ($0.14) per share, slightly beating expectations, but revenue fell short at $52.98 million.

Canopy Growth (NASDAQ:CGC - Get Free Report) was upgraded by equities researchers at Zacks Research to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

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

Canopy Growth Stock Down 9.1%

NASDAQ:CGC opened at $1.49 on Tuesday. The firm has a market capitalization of $305.67 million, a price-to-earnings ratio of -0.49 and a beta of 0.67. Canopy Growth has a 1-year low of $0.77 and a 1-year high of $7.21. The company has a current ratio of 3.07, a quick ratio of 2.10 and a debt-to-equity ratio of 0.59. The business's fifty day moving average price is $1.25 and its 200 day moving average price is $1.35.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. Canopy Growth had a negative return on equity of 89.93% and a negative net margin of 155.76%. The firm had revenue of $52.98 million during the quarter, compared to the consensus estimate of $64.98 million. On average, sell-side analysts forecast that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

A number of large investors have recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its position in Canopy Growth by 10,308.3% during the 1st quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company's stock worth $882,000 after buying an additional 960,218 shares in the last quarter. Marathon Trading Investment Management LLC bought a new stake in Canopy Growth during the 1st quarter worth about $276,000. Virtu Financial LLC bought a new stake in Canopy Growth during the 1st quarter worth about $255,000. Tidal Investments LLC lifted its position in Canopy Growth by 12.5% during the 4th quarter. Tidal Investments LLC now owns 2,263,873 shares of the company's stock worth $6,203,000 after buying an additional 251,659 shares in the last quarter. Finally, Sullivan Wood Capital Management LLC bought a new stake in Canopy Growth during the 2nd quarter worth about $215,000. Institutional investors and hedge funds own 3.33% of the company's stock.

About Canopy Growth

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.