Canopy Growth Corp (CGC) Receives $45.50 Consensus PT from Brokerages

Share on StockTwits

Shares of Canopy Growth Corp (NYSE:CGC) have received an average recommendation of “Hold” from the twelve research firms that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $57.00.

A number of brokerages have recently weighed in on CGC. Piper Jaffray Companies set a $60.00 price objective on Canopy Growth and gave the stock a “buy” rating in a research report on Saturday, February 2nd. GMP Securities lowered Canopy Growth from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. TheStreet upgraded Canopy Growth from a “d+” rating to a “c” rating in a research report on Friday, March 1st. Seaport Global Securities began coverage on Canopy Growth in a research report on Thursday, February 21st. They issued a “neutral” rating and a $46.27 price objective on the stock. Finally, Jefferies Financial Group began coverage on Canopy Growth in a research report on Monday, February 25th. They issued a “hold” rating on the stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Canopy Growth by 4.4% during the third quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock valued at $209,658,000 after buying an additional 180,130 shares during the last quarter. Vanguard Group Inc raised its stake in shares of Canopy Growth by 4.4% in the third quarter. Vanguard Group Inc now owns 4,310,420 shares of the marijuana producer’s stock worth $209,658,000 after purchasing an additional 180,130 shares during the last quarter. Morgan Stanley raised its stake in shares of Canopy Growth by 243.3% in the third quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after purchasing an additional 2,937,286 shares during the last quarter. ETF Managers Group LLC purchased a new position in shares of Canopy Growth in the fourth quarter worth $40,644,000. Finally, Macquarie Group Ltd. purchased a new position in shares of Canopy Growth in the third quarter worth $66,202,000. Institutional investors own 8.53% of the company’s stock.

CGC traded down $1.56 on Wednesday, hitting $40.73. 3,876,551 shares of the company were exchanged, compared to its average volume of 8,656,792. The company has a debt-to-equity ratio of 0.10, a current ratio of 17.85 and a quick ratio of 17.12. Canopy Growth has a 12 month low of $20.99 and a 12 month high of $59.25. The firm has a market cap of $13.41 billion, a price-to-earnings ratio of -127.28 and a beta of 4.22.

Canopy Growth (NYSE:CGC) last posted its quarterly earnings results on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.52). The company had revenue of $62.85 million for the quarter, compared to the consensus estimate of $66.09 million. Canopy Growth had a negative return on equity of 14.39% and a negative net margin of 267.40%. As a group, sell-side analysts anticipate that Canopy Growth will post -1.33 EPS for the current year.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.

Featured Story: Stochastic Momentum Index (SMI)

Analyst Recommendations for Canopy Growth (NYSE:CGC)

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.