Canopy Growth Corporation (NASDAQ:CGC) Stock Now Rated "Hold" by Sell-Side Analysts

Key Points

• Analysts rate Canopy Growth “Hold” on average: Of five analysts, two recommend buying, two recommend holding, and one recommends selling. Wall Street Zen recently upgraded the stock from “Sell” to “Hold,” while Weiss Ratings maintained a sell-level assessment.
• Shares opened at $0.90, near the company’s 52-week low of $0.84 and below its 50-day and 200-day moving averages. Canopy Growth remains unprofitable, with a negative net margin of 65.33%, despite quarterly revenue of $142.62 million exceeding estimates.
• Institutional investors increased their positions in Canopy Growth, including Caitong International Asset Management and Royal Bank of Canada. However, institutions and hedge funds collectively own only 3.33% of the company.

Shares of Canopy Growth Corporation (NASDAQ:CGC - Get Free Report) have been given an average rating of "Hold" by the five analysts that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have given a buy recommendation to the company.

A number of equities research analysts recently weighed in on the company. Wall Street Zen upgraded Canopy Growth from a "sell" rating to a "hold" rating in a research report on Saturday, September 26th. Weiss Ratings downgraded Canopy Growth from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, September 16th.

Canopy Growth Stock Performance

Shares of Canopy Growth stock opened at $0.90 on Thursday. The company's 50 day moving average price is $0.96 and its two-hundred day moving average price is $1.00. The firm has a market capitalization of $402.66 million, a P/E ratio of -1.99 and a beta of 0.83. Canopy Growth has a fifty-two week low of $0.84 and a fifty-two week high of $2.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.04 and a quick ratio of 2.39.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its quarterly earnings results 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 net margin of 65.33% and a negative return on equity of 21.91%. The company had revenue of $142.62 million during the quarter, compared to the consensus estimate of $58.21 million. On average, equities analysts forecast that Canopy Growth will post -0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CGC. Caitong International Asset Management Co. Ltd boosted its position in Canopy Growth by 723.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company's stock worth $5,239,000 after buying an additional 4,037,281 shares during the period. Lazard Asset Management LLC acquired a new position in Canopy Growth in the 1st quarter valued at approximately $1,716,000. Finally, Royal Bank of Canada increased its position in Canopy Growth by 1,115.6% in the 1st quarter. Royal Bank of Canada now owns 975,967 shares of the company's stock valued at $927,000 after acquiring an additional 895,680 shares during the period. Institutional investors and hedge funds own 3.33% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.