Canopy Growth Stock Set to Reverse Split on Wednesday, December 20th (NASDAQ:CGC)

Shares of Canopy Growth Co. (NASDAQ:CGC - Free Report) are set to reverse split on the morning of Wednesday, December 20th. The 1-10 reverse split was announced on Wednesday, December 13th. The number of shares owned by shareholders will be adjusted after the closing bell on Tuesday, December 19th.

Canopy Growth Stock Down 4.8 %

Shares of NASDAQ CGC opened at $0.52 on Friday. Canopy Growth has a 1 year low of $0.35 and a 1 year high of $3.22. The firm has a market cap of $430.21 million, a price-to-earnings ratio of -0.30 and a beta of 1.60. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.07 and a current ratio of 2.52. The stock's 50-day simple moving average is $0.60 and its 200-day simple moving average is $0.62.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its earnings results on Thursday, November 9th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The business had revenue of $51.88 million for the quarter, compared to analysts' expectations of $67.17 million. Canopy Growth had a negative return on equity of 59.46% and a negative net margin of 328.88%. As a group, equities analysts anticipate that Canopy Growth will post -0.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Bank of America increased their price objective on Canopy Growth from $0.56 to $0.66 and gave the stock an "underperform" rating in a report on Friday, September 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $2.02.

Institutional Trading of Canopy Growth

A number of hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. increased its stake in shares of Canopy Growth by 66.8% in the first quarter. Envestnet Asset Management Inc. now owns 21,989 shares of the company's stock worth $167,000 after acquiring an additional 8,809 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Canopy Growth by 9.4% in the first quarter. JPMorgan Chase & Co. now owns 822,433 shares of the company's stock worth $6,233,000 after acquiring an additional 70,929 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Canopy Growth by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 241,342 shares of the company's stock worth $1,829,000 after acquiring an additional 2,621 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of Canopy Growth by 53.5% in the first quarter. Oppenheimer & Co. Inc. now owns 20,296 shares of the company's stock worth $154,000 after acquiring an additional 7,076 shares during the last quarter. Finally, Citigroup Inc. increased its position in Canopy Growth by 20.7% during the first quarter. Citigroup Inc. now owns 151,056 shares of the company's stock worth $1,146,000 after buying an additional 25,878 shares during the last quarter. Hedge funds and other institutional investors own 12.80% 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 Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.

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