Canopy Growth (NASDAQ:CGC) Upgraded by Zacks Research to "Hold" Rating

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 analysts at Zacks Research to a "hold" rating in a report released on Tuesday, August 12th,Zacks.com reports.

Separately, Piper Sandler reissued an "underweight" rating on shares of Canopy Growth in a research note on Friday, May 30th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Sell".

Canopy Growth Stock Performance

CGC traded down $0.0350 during trading hours on Tuesday, hitting $1.2150. 8,548,130 shares of the stock were exchanged, compared to its average volume of 9,960,486. The stock has a 50-day simple moving average of $1.23 and a 200-day simple moving average of $1.33. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.07 and a quick ratio of 2.12. Canopy Growth has a 12 month low of $0.77 and a 12 month high of $6.49. The stock has a market cap of $291.42 million, a price-to-earnings ratio of -0.40 and a beta of 0.67.

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

Hedge Funds Weigh In On Canopy Growth

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Securities LLC grew its position in shares of Canopy Growth by 4.4% in the second quarter. Two Sigma Securities LLC now owns 280,852 shares of the company's stock valued at $343,000 after purchasing an additional 11,942 shares during the last quarter. Tidal Investments LLC increased its stake in Canopy Growth by 31.5% in the second quarter. Tidal Investments LLC now owns 5,033,793 shares of the company's stock valued at $6,141,000 after acquiring an additional 1,204,530 shares during the period. Boothbay Fund Management LLC bought a new stake in shares of Canopy Growth in the 2nd quarter valued at approximately $30,000. Murchinson Ltd. bought a new stake in shares of Canopy Growth in the 2nd quarter valued at approximately $183,000. Finally, SBI Securities Co. Ltd. raised its holdings in shares of Canopy Growth by 47.6% in the 2nd quarter. SBI Securities Co. Ltd. now owns 532,541 shares of the company's stock worth $650,000 after buying an additional 171,803 shares in the last quarter. Institutional investors and hedge funds 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.