Canopy Growth (NYSE:CGC) Research Coverage Started at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH began coverage on shares of Canopy Growth (NYSE:CGC) in a research report report published on Wednesday, 24/7 WallStreet reports. The firm issued a buy rating and a $50.00 price target on the marijuana producer’s stock.

Other equities analysts have also issued research reports about the company. Bryan, Garnier & Co reiterated a neutral rating and set a $60.00 target price (down previously from $85.00) on shares of in a research note on Friday, July 5th. Consumer Edge assumed coverage on Canopy Growth in a research note on Friday, June 28th. They set an equal weight rating on the stock. Alliance Global Partners set a C$75.00 target price on Canopy Growth and gave the stock a buy rating in a research note on Monday, May 13th. Seaport Global Securities assumed coverage on Weyerhaeuser in a research note on Tuesday, April 2nd. They set a buy rating on the stock. Finally, Piper Jaffray Companies set a $92.00 target price on Wintrust Financial and gave the stock a buy rating in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $54.86.

Shares of NYSE CGC opened at $35.49 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.49 and a current ratio of 12.32. Canopy Growth has a 1-year low of $24.21 and a 1-year high of $59.25. The business’s 50 day moving average price is $39.84.

Canopy Growth (NYSE:CGC) last announced its earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.50). The firm had revenue of $70.74 million for the quarter, compared to the consensus estimate of $71.06 million. Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%. Equities research analysts predict that Canopy Growth will post -0.9 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of CGC. Norges Bank bought a new position in Canopy Growth during the 4th quarter worth $30,296,000. Thoroughbred Financial Services LLC increased its stake in shares of Canopy Growth by 4,147.9% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 481,583 shares of the marijuana producer’s stock valued at $48,158,000 after purchasing an additional 470,246 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Canopy Growth by 358.4% in the 1st quarter. Janus Henderson Group PLC now owns 597,022 shares of the marijuana producer’s stock valued at $25,841,000 after purchasing an additional 466,768 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Canopy Growth by 4,386.9% in the 4th quarter. Bank of New York Mellon Corp now owns 226,500 shares of the marijuana producer’s stock valued at $6,086,000 after purchasing an additional 221,452 shares during the last quarter. Finally, Toronto Dominion Bank increased its stake in shares of Canopy Growth by 128.4% in the 1st quarter. Toronto Dominion Bank now owns 385,193 shares of the marijuana producer’s stock valued at $16,663,000 after purchasing an additional 216,559 shares during the last quarter. Hedge funds and other institutional investors own 8.02% of the company’s stock.

Canopy Growth Company Profile

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.

Further Reading: How To Calculate Debt-to-Equity Ratio

Analyst Recommendations for Canopy Growth (NYSE:CGC)

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