Analysts at Piper Jaffray Companies started coverage on shares of Canopy Growth (NYSE:CGC) in a research report issued on Wednesday, January 9th, Marketbeat reports. The brokerage set an “overweight” rating and a $40.00 price target on the marijuana producer’s stock. Piper Jaffray Companies’ price target indicates a potential downside of 6.48% from the company’s previous close. Piper Jaffray Companies also issued estimates for Canopy Growth’s Q3 2019 earnings at ($0.05) EPS, Q4 2019 earnings at ($0.05) EPS, FY2019 earnings at ($0.84) EPS, Q1 2020 earnings at ($0.05) EPS, Q2 2020 earnings at ($0.07) EPS, Q3 2020 earnings at ($0.08) EPS, Q4 2020 earnings at ($0.08) EPS, FY2020 earnings at ($0.29) EPS, Q1 2021 earnings at ($0.07) EPS, Q2 2021 earnings at ($0.08) EPS, Q3 2021 earnings at ($0.08) EPS and FY2021 earnings at ($0.30) EPS.
Several other equities analysts have also weighed in on the stock. started coverage on shares of Canopy Growth in a research report on Friday, October 12th. They set a “sell” rating and a $30.00 price objective for the company. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Friday, September 21st. Benchmark initiated coverage on shares of Canopy Growth in a report on Tuesday, September 25th. They issued a “buy” rating for the company. Finally, Scotiabank initiated coverage on shares of Canopy Growth in a report on Wednesday, October 17th. They issued a “hold” rating and a $61.00 target price for the company. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Canopy Growth has an average rating of “Hold” and an average price target of $43.67.
CGC traded up $0.67 on Wednesday, reaching $42.77. The company had a trading volume of 11,638,538 shares, compared to its average volume of 14,370,070. The firm has a market capitalization of $9.59 billion, a PE ratio of -133.66 and a beta of 3.31. Canopy Growth has a one year low of $16.74 and a one year high of $59.25.Canopy Growth (NYSE:CGC) last announced its earnings results on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.64). Canopy Growth had a negative net margin of 503.14% and a negative return on equity of 26.32%. The company had revenue of $23.30 million during the quarter, compared to the consensus estimate of $59.10 million. The company’s revenue was up 32.4% on a year-over-year basis. As a group, research analysts anticipate that Canopy Growth will post -0.87 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. North Star Investment Management Corp. bought a new position in shares of Canopy Growth in the fourth quarter valued at approximately $26,000. Exane Derivatives bought a new position in shares of Canopy Growth in the third quarter valued at approximately $117,000. Kiley Juergens Wealth Management LLC raised its position in shares of Canopy Growth by 867.2% in the third quarter. Kiley Juergens Wealth Management LLC now owns 2,418 shares of the marijuana producer’s stock valued at $117,000 after purchasing an additional 2,168 shares during the period. Fifth Third Bancorp raised its position in shares of Canopy Growth by 349.1% in the third quarter. Fifth Third Bancorp now owns 2,470 shares of the marijuana producer’s stock valued at $120,000 after purchasing an additional 1,920 shares during the period. Finally, Advisory Services Network LLC bought a new position in shares of Canopy Growth in the third quarter valued at approximately $138,000. 11.97% of the stock is currently owned by hedge funds and other institutional investors.
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.
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