Canopy Growth Corporation (NASDAQ:CGC) Stock Now Rated "Hold" by Wall Street Analysts

Key Points

• Canopy Growth has a consensus “Hold” rating from five analysts: one recommends selling, two recommend holding and two recommend buying. Wall Street Zen recently downgraded the stock to “Sell.”
• Royal Bank of Canada increased its Canopy Growth stake by 1,115.6% in the first quarter, though institutional investors collectively own only 3.33% of the company.
• Shares opened at $0.68, near their 52-week low of $0.65 and well below the $2.38 high. The company reported quarterly revenue of $142.62 million and an adjusted loss of $0.02 per share, beating analyst estimates.

Canopy Growth Corporation (NASDAQ:CGC - Get Free Report) has received a consensus rating of "Hold" from the five research firms that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have issued a buy recommendation on the company.

Several research analysts recently commented on the stock. Wall Street Zen downgraded shares of Canopy Growth from a "hold" rating to a "sell" rating in a report on Saturday, October 17th. Weiss Ratings cut shares of Canopy Growth from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, October 16th.

Hedge Funds Weigh In On Canopy Growth

A hedge fund recently raised its position in Canopy Growth stock. Royal Bank of Canada raised its stake in shares of Canopy Growth Corporation (NASDAQ:CGC - Free Report) by 1,115.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 975,967 shares of the company's stock after purchasing an additional 895,680 shares during the quarter. Royal Bank of Canada owned approximately 0.24% of Canopy Growth worth $927,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 3.33% of the company's stock.

Canopy Growth Price Performance

NASDAQ CGC opened at $0.68 on Monday. The company has a market cap of $303.64 million, a PE ratio of -1.50 and a beta of 0.78. Canopy Growth has a 52 week low of $0.65 and a 52 week high of $2.38. The company has a quick ratio of 2.39, a current ratio of 3.04 and a debt-to-equity ratio of 0.31. The firm's 50-day simple moving average is $0.90 and its two-hundred day simple moving average is $0.98.

Canopy Growth (NASDAQ:CGC - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported ($0.02) earnings per share 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 firm had revenue of $142.62 million during the quarter, compared to the consensus estimate of $58.21 million. Research analysts predict that Canopy Growth will post -0.10 earnings per share for the current year.

Canopy Growth Company Profile

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013, the company operates in the production, distribution and sale of cannabis and cannabis-related products for adult-use and medical markets.

Its product portfolio includes dried cannabis flower, pre-rolls, cannabis oils, softgels, vapes, beverages and edibles. Canopy Growth markets products under several brands, including Tweed, 7ACRES, Doja and Deep Space, with offerings designed for different consumer preferences and product segments.

Canopy Growth primarily serves the Canadian recreational and medical cannabis markets and has pursued international opportunities in selected medical-cannabis markets.

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