Canopy Growth Corp (NYSE:CGC) traded down 7.8% during trading on Friday . The stock traded as low as $34.04 and last traded at $34.21, 14,116,477 shares traded hands during mid-day trading. An increase of 100% from the average session volume of 7,068,426 shares. The stock had previously closed at $37.09.
Several equities research analysts have recently commented on the company. Desjardins reissued a “buy” rating on shares of Fiera Capital in a research note on Thursday, July 4th. GMP Securities raised Canopy Growth from a “hold” rating to a “buy” rating and lifted their target price for the company from $65.00 to $72.00 in a research note on Monday, April 22nd. Stifel Nicolaus reissued a “buy” rating on shares of Canopy Growth in a research note on Wednesday, July 3rd. Evercore ISI assumed coverage on LYFT in a research note on Wednesday, June 12th. They issued an “outperform” rating and a $74.00 target price for the company. Finally, Piper Jaffray Companies set a $92.00 target price on Wintrust Financial and gave the company a “buy” rating in a research note on Monday, July 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $55.34.
The company has a debt-to-equity ratio of 0.12, a current ratio of 12.32 and a quick ratio of 11.49. The company has a 50 day simple moving average of $41.06. The company has a market capitalization of $11.83 billion, a price-to-earnings ratio of -21.52 and a beta of 3.65.Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates 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. Sell-side analysts predict that Canopy Growth Corp will post -0.82 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in CGC. Stone House Investment Management LLC acquired a new position in Canopy Growth in the first quarter valued at about $25,000. Ellis Investment Partners LLC acquired a new position in Canopy Growth in the first quarter valued at about $25,000. Global Retirement Partners LLC grew its stake in 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 acquiring an additional 524 shares during the period. Private Capital Group LLC grew its stake in 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 acquiring an additional 443 shares during the period. Finally, TCG Advisors LP acquired a new position in Canopy Growth in the first quarter valued at about $28,000. 8.05% of the stock is owned by institutional investors and hedge funds.
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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