Atb Cap Markets Downgrades Canopy Growth (NASDAQ:CGC) to Strong Sell

Canopy Growth (NASDAQ:CGC) was downgraded by analysts at Atb Cap Markets from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

Canopy Growth Stock Performance

CGC opened at $3.05 on Monday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.07 and a current ratio of 1.39. The stock has a market capitalization of $332.28 million, a price-to-earnings ratio of -0.62 and a beta of 0.83. The company has a fifty day moving average of $4.13 and a 200 day moving average of $5.46. Canopy Growth has a fifty-two week low of $2.76 and a fifty-two week high of $14.92.

Hedge Funds Weigh In On Canopy Growth

Institutional investors have recently added to or reduced their stakes in the company. PFG Investments LLC bought a new position in Canopy Growth during the third quarter valued at $54,000. Sassicaia Capital Advisers LLC bought a new position in shares of Canopy Growth in the 3rd quarter valued at about $54,000. Financial Advocates Investment Management purchased a new position in Canopy Growth in the third quarter worth about $57,000. CIBC Asset Management Inc bought a new stake in Canopy Growth during the second quarter worth approximately $91,000. Finally, Vontobel Holding Ltd. purchased a new stake in Canopy Growth during the third quarter valued at approximately $92,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.