Canopy Growth (CGC) Shares Gap Up to $45.30

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Canopy Growth Corp (NYSE:CGC) shares gapped up before the market opened on Wednesday . The stock had previously closed at $45.85, but opened at $45.30. Canopy Growth shares last traded at $45.57, with a volume of 2402444 shares traded.

A number of research firms have weighed in on CGC. Seaport Global Securities reiterated a “hold” rating on shares of Canopy Growth in a research note on Tuesday, April 2nd. Bank of America began coverage on shares of Canopy Growth in a research note on Wednesday, April 17th. They issued a “buy” rating on the stock. Zacks Investment Research upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. Alliance Global Partners began coverage on shares of Canopy Growth in a research note on Monday. They issued a “buy” rating on the stock. Finally, Jefferies Financial Group began coverage on shares of Canopy Growth in a research note on Monday, February 25th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $57.85.

The company has a current ratio of 17.85, a quick ratio of 17.12 and a debt-to-equity ratio of 0.10. The company has a market cap of $15.06 billion, a price-to-earnings ratio of -141.64 and a beta of 4.17.

Canopy Growth (NYSE:CGC) last released its earnings results on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.52). Canopy Growth had a negative net margin of 267.40% and a negative return on equity of 14.39%. The company had revenue of $62.85 million during the quarter, compared to analysts’ expectations of $66.09 million. As a group, analysts expect that Canopy Growth Corp will post -1.08 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Stone House Investment Management LLC bought a new stake in shares of Canopy Growth in the first quarter valued at approximately $25,000. Global Retirement Partners LLC raised its position in shares of Canopy Growth by 524.0% in the first quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock valued at $27,000 after purchasing an additional 524 shares during the period. Private Capital Group LLC raised its position in shares of Canopy Growth by 221.5% in the first quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after purchasing an additional 443 shares during the period. TCG Advisors LP bought a new stake in shares of Canopy Growth in the first quarter valued at approximately $28,000. Finally, Lee Financial Co raised its position in shares of Canopy Growth by 884.1% in the first quarter. Lee Financial Co now owns 679 shares of the marijuana producer’s stock valued at $29,000 after purchasing an additional 610 shares during the period. 8.05% of the stock is currently owned by institutional investors.

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About Canopy Growth (NYSE:CGC)

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.

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