Canopy Growth (NASDAQ:CGC) Price Target Cut to C$20.00 by Analysts at Alliance Global Partners

Canopy Growth (NASDAQ:CGC) had its target price lowered by investment analysts at Alliance Global Partners from C$25.00 to C$20.00 in a research note issued on Thursday, The Fly reports. The firm presently has a “neutral” rating on the stock.

CGC has been the subject of a number of other reports. Bank of America cut shares of Canopy Growth from a “buy” rating to a “neutral” rating in a report on Friday, October 1st. Cantor Fitzgerald decreased their price objective on shares of Canopy Growth from C$30.50 to C$21.00 and set a “neutral” rating for the company in a research note on Monday, September 20th. CIBC decreased their price objective on shares of Canopy Growth from C$27.00 to C$22.00 and set a “neutral” rating for the company in a research note on Thursday, September 23rd. Zacks Investment Research raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, August 9th. Finally, Canaccord Genuity raised their price objective on shares of Canopy Growth from C$25.00 to C$30.00 and gave the stock a “hold” rating in a research note on Monday, August 9th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $26.90.

Shares of Canopy Growth stock traded up $0.48 on Thursday, hitting $13.77. The company had a trading volume of 389,781 shares, compared to its average volume of 3,925,063. The business has a 50-day simple moving average of $15.80 and a 200-day simple moving average of $21.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 10.44 and a quick ratio of 8.84. The company has a market cap of $5.42 billion, a PE ratio of -5.10 and a beta of 2.11. Canopy Growth has a 52 week low of $12.86 and a 52 week high of $56.50.

Canopy Growth (NASDAQ:CGC) last issued its earnings results on Thursday, August 5th. The company reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $1.02. The firm had revenue of $136.21 million during the quarter, compared to analysts’ expectations of $151.29 million. Canopy Growth had a negative net margin of 200.71% and a negative return on equity of 17.31%. The firm’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.30) earnings per share. On average, equities research analysts predict that Canopy Growth will post -0.05 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. Rockbridge Investment Management LCC lifted its position in Canopy Growth by 485.7% in the 1st quarter. Rockbridge Investment Management LCC now owns 1,025 shares of the company’s stock worth $33,000 after buying an additional 850 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its position in Canopy Growth by 200.0% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,050 shares of the company’s stock worth $25,000 after buying an additional 700 shares in the last quarter. Capital Analysts LLC lifted its position in Canopy Growth by 140.0% in the 2nd quarter. Capital Analysts LLC now owns 1,123 shares of the company’s stock worth $27,000 after buying an additional 655 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of Canopy Growth during the 2nd quarter valued at $30,000. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Canopy Growth during the 2nd quarter valued at $31,000. Institutional investors own 14.24% of the company’s stock.

Canopy Growth Company Profile

Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.

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