Canopy Growth (NASDAQ:CGC) Stock Price Up 8% – Still a Buy?

by · The Cerbat Gem

Canopy Growth Corporation (NASDAQ:CGC – Get Free Report) shares shot up 8% during trading on Tuesday . The stock traded as high as $1.42 and last traded at $1.4250. 21,628,384 shares traded hands during mid-day trading, an increase of 24% from the average session volume of 17,377,711 shares. The stock had previously closed at $1.32.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CGC. Weiss Ratings reissued a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Benchmark upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a report on Monday, December 15th. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

Get Our Latest Stock Analysis on Canopy Growth

Canopy Growth Trading Up 6.4%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.23 and a current ratio of 5.50. The company has a 50 day moving average of $1.26 and a 200 day moving average of $1.31. The stock has a market capitalization of $517.69 million, a price-to-earnings ratio of -0.72 and a beta of 0.40.

Canopy Growth (NASDAQ:CGC – Get Free Report) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.10. The firm had revenue of $47.86 million for the quarter, compared to the consensus estimate of $71.82 million. Canopy Growth had a negative net margin of 113.21% and a negative return on equity of 61.97%. On average, research analysts predict that Canopy Growth Corporation will post -2.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC increased its position in Canopy Growth by 196.9% during the third quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after purchasing an additional 2,080,994 shares during the last quarter. Two Sigma Investments LP acquired a new position in Canopy Growth in the 3rd quarter valued at about $1,767,000. Tidal Investments LLC grew its stake in shares of Canopy Growth by 31.5% in the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after buying an additional 1,204,530 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of Canopy Growth by 10,308.3% during the 1st quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock worth $882,000 after buying an additional 960,218 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Canopy Growth during the 3rd quarter worth approximately $815,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

About Canopy Growth

(Get Free Report)

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.

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