Canopy Growth Co. (NASDAQ:CGC – Get Rating) shares dropped 8.6% during mid-day trading on Friday . The stock traded as low as $2.23 and last traded at $2.23. Approximately 95,324 shares were traded during trading, a decline of 99% from the average daily volume of 7,490,271 shares. The stock had previously closed at $2.44.
Wall Street Analysts Forecast Growth
CGC has been the topic of several analyst reports. BMO Capital Markets lowered Canopy Growth from a “market perform” rating to an “underperform” rating in a report on Wednesday, June 8th. Oppenheimer reiterated a “market perform” rating on shares of Canopy Growth in a report on Wednesday, June 1st. Cfra reiterated a “hold” rating and set a $10.00 target price on shares of Canopy Growth in a report on Friday, May 27th. Bank of America lowered their price target on Canopy Growth from $3.00 to $2.33 and set an “underperform” rating on the stock in a research report on Tuesday, July 5th. Finally, Alliance Global Partners lowered their price target on Canopy Growth from C$8.00 to C$7.00 in a research report on Friday, May 27th. Ten equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $9.98.
Canopy Growth Stock Down 8.2 %
The firm has a 50-day moving average price of $4.01 and a 200 day moving average price of $6.15. The company has a debt-to-equity ratio of 0.42, a current ratio of 8.16 and a quick ratio of 7.20. The company has a market cap of $902.41 million, a price-to-earnings ratio of -3.15 and a beta of 2.17.
Canopy Growth (NASDAQ:CGC – Get Rating) last posted its earnings results on Friday, May 27th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.18). Canopy Growth had a negative net margin of 53.23% and a negative return on equity of 12.81%. The firm had revenue of $126.10 million during the quarter, compared to analyst estimates of $130.34 million. During the same period in the previous year, the company posted ($0.66) EPS. Canopy Growth’s revenue for the quarter was down 24.7% compared to the same quarter last year. Sell-side analysts predict that Canopy Growth Co. will post -0.7 EPS for the current year.
Institutional Investors Weigh In On Canopy Growth
Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Canopy Growth by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,878,052 shares of the company’s stock valued at $59,715,000 after buying an additional 273,778 shares during the period. ETF Managers Group LLC boosted its stake in shares of Canopy Growth by 10.7% in the fourth quarter. ETF Managers Group LLC now owns 6,052,662 shares of the company’s stock valued at $54,111,000 after buying an additional 586,900 shares during the period. Contrarius Investment Management Ltd boosted its stake in shares of Canopy Growth by 147.8% in the first quarter. Contrarius Investment Management Ltd now owns 2,081,014 shares of the company’s stock valued at $15,774,000 after buying an additional 1,241,381 shares during the period. D. E. Shaw & Co. Inc. lifted its stake in Canopy Growth by 26.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,709,206 shares of the company’s stock worth $14,921,000 after purchasing an additional 353,281 shares during the last quarter. Finally, Swiss National Bank lifted its stake in Canopy Growth by 12.8% during the first quarter. Swiss National Bank now owns 1,049,200 shares of the company’s stock worth $7,948,000 after purchasing an additional 118,800 shares during the last quarter. 16.59% of the stock is currently owned by institutional investors.
Canopy Growth Company Profile
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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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