Analysts predict that Canopy Growth Corp (NYSE:CGC) will announce $85.80 million in sales for the current quarter, Zacks reports. Seven analysts have made estimates for Canopy Growth’s earnings. The lowest sales estimate is $75.74 million and the highest is $92.35 million. Canopy Growth reported sales of $58.03 million during the same quarter last year, which indicates a positive year-over-year growth rate of 47.9%. The firm is scheduled to announce its next quarterly earnings results on Thursday, November 12th.
On average, analysts expect that Canopy Growth will report full-year sales of $374.63 million for the current financial year, with estimates ranging from $334.86 million to $394.80 million. For the next year, analysts forecast that the firm will report sales of $583.24 million, with estimates ranging from $529.54 million to $675.00 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Canopy Growth.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Friday, May 29th. The marijuana producer reported ($1.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.86). Canopy Growth had a negative net margin of 439.18% and a negative return on equity of 21.30%. The business had revenue of $80.46 million during the quarter, compared to analysts’ expectations of $94.65 million.
A number of research firms have issued reports on CGC. Scotiabank boosted their price target on Canopy Growth from $28.00 to $33.00 and gave the company a “sector perform” rating in a research report on Monday, June 1st. Zacks Investment Research raised Canopy Growth from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a research report on Tuesday, August 25th. Oppenheimer reissued a “hold” rating on shares of Canopy Growth in a research report on Friday, August 21st. Stifel Nicolaus downgraded Canopy Growth from a “buy” rating to a “sell” rating in a research report on Monday, June 1st. Finally, Alliance Global Partners boosted their price target on Canopy Growth from $24.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, June 1st. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $27.97.
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CGC stock opened at $16.52 on Tuesday. The stock has a 50-day moving average price of $17.35 and a two-hundred day moving average price of $16.54. Canopy Growth has a 12-month low of $9.00 and a 12-month high of $28.89. The company has a current ratio of 8.18, a quick ratio of 6.96 and a debt-to-equity ratio of 0.09. The company has a market cap of $6.28 billion, a PE ratio of -4.04 and a beta of 2.56.
Several large investors have recently added to or reduced their stakes in CGC. Steward Partners Investment Advisory LLC lifted its stake in shares of Canopy Growth by 192.0% in the first quarter. Steward Partners Investment Advisory LLC now owns 1,825 shares of the marijuana producer’s stock worth $26,000 after acquiring an additional 1,200 shares in the last quarter. Modus Advisors LLC acquired a new stake in Canopy Growth during the second quarter valued at approximately $30,000. Hoover Financial Advisors Inc. acquired a new stake in Canopy Growth during the second quarter valued at approximately $31,000. Bainco International Investors acquired a new stake in Canopy Growth during the first quarter valued at approximately $42,000. Finally, Certified Advisory Corp raised its stake in Canopy Growth by 49.3% during the second quarter. Certified Advisory Corp now owns 2,719 shares of the marijuana producer’s stock valued at $44,000 after buying an additional 898 shares in the last quarter. Institutional investors and hedge funds own 9.16% of the company’s stock.
About Canopy Growth
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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As the P/E ratios of most S&P 500 companies look very expensive and the stock market continues to regularly hit new all-time highs, it’s very difficult for investors to find cheap stocks to buy now.
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While the S&P 500 as a whole is expensive, there are still a handful undervalued stocks that are trading at less than $10.00 per share. Value investing opportunities for value exist if you know where to look. Putting together a list of cheap stocks to buy now requires looking into some smaller, riskier, unloved or undiscovered parts of the market. These low-priced stocks might not look especially attractive today, but long-term investors stand to profit if they are willing to be patient and hold onto shares of these companies through multiple market cycles.
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In this list, you might find marijuana stocks, dividend-paying stocks, large-cap stocks, growth stocks, small-cap stocks, and even some bitcoin stocks. While these low-priced stocks have a lot of differences, these 10 stock picks all share a common characteristic, a super-low share price of $10.00 or less.