Canopy Growth (NASDAQ:CGC) had its price objective reduced by investment analysts at Alliance Global Partners from $60.00 to $40.00 in a note issued to investors on Thursday, The Fly reports. The brokerage presently has a “neutral” rating on the stock. Alliance Global Partners’ price objective points to a potential upside of 33.60% from the stock’s previous close.
CGC has been the topic of several other research reports. Canaccord Genuity cut Canopy Growth from a “hold” rating to a “sell” rating and raised their price target for the company from $25.00 to $32.00 in a report on Wednesday, February 10th. They noted that the move was a valuation call. Desjardins raised their price target on Canopy Growth from $22.00 to $55.00 and gave the company a “hold” rating in a report on Thursday, February 11th. Stifel Nicolaus reiterated a “buy” rating and issued a $23.00 price target on shares of Canopy Growth in a report on Thursday, February 4th. Cormark cut Canopy Growth from a “market perform” rating to a “reduce” rating in a report on Wednesday, February 10th. Finally, CIBC reduced their target price on Canopy Growth from $64.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday. Six equities research analysts have rated the stock with a sell rating, ten have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Canopy Growth currently has an average rating of “Hold” and a consensus target price of $36.61.
Shares of CGC stock opened at $29.94 on Thursday. The stock’s fifty day moving average is $33.76 and its 200-day moving average is $30.29. The stock has a market capitalization of $11.44 billion, a PE ratio of -8.96 and a beta of 2.44. Canopy Growth has a 52 week low of $12.95 and a 52 week high of $56.50. The company has a debt-to-equity ratio of 0.10, a quick ratio of 5.84 and a current ratio of 7.06.
Institutional investors and hedge funds have recently made changes to their positions in the business. Laurel Wealth Advisors LLC bought a new stake in Canopy Growth in the 4th quarter valued at $29,000. SOA Wealth Advisors LLC. bought a new stake in Canopy Growth in the 4th quarter valued at $30,000. Avion Wealth bought a new stake in Canopy Growth in the 4th quarter valued at $32,000. Allworth Financial LP lifted its position in Canopy Growth by 89.4% in the 4th quarter. Allworth Financial LP now owns 1,460 shares of the company’s stock valued at $36,000 after acquiring an additional 689 shares in the last quarter. Finally, Capital Advisory Group Advisory Services LLC bought a new stake in Canopy Growth in the 4th quarter valued at $41,000. 10.18% 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 the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.
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