Canopy Growth (NYSE:CGC) Shares Gap Up to $45.30

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Canopy Growth Corp (NYSE:CGC) shares gapped up prior to trading 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 2,402,444 shares trading hands.

Several equities research analysts have weighed in on CGC shares. GMP Securities upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating and raised their target price for the company from $65.00 to $72.00 in a research note on Monday, April 22nd. Alliance Global Partners set a C$75.00 target price on shares of Canopy Growth and gave the company a “buy” rating in a research note on Monday, May 13th. Evercore ISI started coverage on shares of LYFT in a research note on Wednesday, June 12th. They issued an “outperform” rating and a $74.00 target price for the company. Consumer Edge started coverage on shares of Canopy Growth in a research note on Friday, June 28th. They issued an “equal weight” rating for the company. Finally, Seaport Global Securities started coverage on shares of Weyerhaeuser in a research note on Tuesday, April 2nd. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. Canopy Growth currently has an average rating of “Hold” and a consensus target price of $55.34.

The company has a 50 day simple moving average of $41.27. The company has a quick ratio of 11.49, a current ratio of 12.32 and a debt-to-equity ratio of 0.12. The company has a market cap of $12.83 billion, a price-to-earnings ratio of -21.52 and a beta of 3.65.

Canopy Growth (NYSE:CGC) last posted its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%. The company had revenue of $70.74 million for the quarter, compared to analyst estimates of $71.06 million. As a group, research analysts expect that Canopy Growth Corp will post -0.82 earnings per share for the current year.

Several large investors have recently bought and sold shares of the company. Stone House Investment Management LLC purchased a new position in shares of Canopy Growth during the first quarter worth $25,000. Ellis Investment Partners LLC purchased a new position in shares of Canopy Growth during the first quarter worth $25,000. Global Retirement Partners LLC raised its holdings in shares of Canopy Growth by 524.0% during the first quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock worth $27,000 after purchasing an additional 524 shares during the last quarter. Private Capital Group LLC raised its holdings in shares of Canopy Growth by 221.5% during the first quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock worth $28,000 after purchasing an additional 443 shares during the last quarter. Finally, TCG Advisors LP purchased a new position in shares of Canopy Growth during the first quarter worth $28,000. Institutional investors and hedge funds own 8.05% of the company’s stock.

Canopy Growth Company Profile (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, CraftGrow, and Foria brand names.

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