Desjardins reissued their hold rating on shares of Canopy Growth (NYSE:CGC) in a report issued on Friday morning, TipRanks reports.
Several other equities research analysts have also recently commented on the company. Benchmark cut their price target on Canopy Growth from $100.00 to $60.00 and set a buy rating for the company in a report on Friday. Piper Jaffray Companies lowered their price objective on Canopy Growth from $54.00 to $49.00 and set an overweight rating for the company in a research report on Friday. Bryan, Garnier & Co lowered Canopy Growth from a buy rating to a neutral rating in a research report on Friday, July 5th. Consumer Edge initiated coverage on Canopy Growth in a research report on Friday, June 28th. They issued an equal weight rating for the company. Finally, GMP Securities upgraded Canopy Growth from a hold rating to a buy rating and increased their price objective for the stock from $65.00 to $72.00 in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $55.13.
Shares of NYSE:CGC traded down $1.39 during midday trading on Friday, hitting $26.72. The company had a trading volume of 6,013,087 shares, compared to its average volume of 3,633,973. Canopy Growth has a twelve month low of $25.26 and a twelve month high of $59.25. The company has a debt-to-equity ratio of 0.13, a current ratio of 10.37 and a quick ratio of 11.49. The stock has a market cap of $9.48 billion, a price-to-earnings ratio of -16.81 and a beta of 3.63. The business’s 50-day simple moving average is $35.33 and its 200-day simple moving average is $42.38.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CGC. ETF Managers Group LLC purchased a new position in shares of Canopy Growth during the second quarter worth $82,823,000. Thoroughbred Financial Services LLC boosted its position in shares of Canopy Growth by 4,147.9% during the second quarter. Thoroughbred Financial Services LLC now owns 481,583 shares of the marijuana producer’s stock worth $48,158,000 after buying an additional 470,246 shares during the period. Janus Henderson Group PLC boosted its position in shares of Canopy Growth by 358.4% during the first quarter. Janus Henderson Group PLC now owns 597,022 shares of the marijuana producer’s stock worth $25,841,000 after buying an additional 466,768 shares during the period. Nuveen Asset Management LLC purchased a new position in shares of Canopy Growth during the second quarter worth $15,111,000. Finally, Bank of Nova Scotia boosted its position in shares of Canopy Growth by 216.3% during the second quarter. Bank of Nova Scotia now owns 507,950 shares of the marijuana producer’s stock worth $19,995,000 after buying an additional 347,347 shares during the period. Institutional investors and hedge funds own 8.98% of the company’s stock.
About Canopy Growth
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.
Featured Article: Green Investing
Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.