Alliance Global Partners Lowers Canopy Growth (NASDAQ:CGC) Price Target to $40.00

Canopy Growth (NASDAQ:CGC) had its target price cut by stock analysts at Alliance Global Partners from $60.00 to $40.00 in a note issued to investors on Thursday, The Fly reports. The firm currently has a “neutral” rating on the stock. Alliance Global Partners’ price target would suggest a potential upside of 33.60% from the company’s current price.

Other analysts also recently issued research reports about the stock. Benchmark downgraded shares of Canopy Growth from a “buy” rating to a “hold” rating in a report on Wednesday, February 10th. Cantor Fitzgerald upped their price target on shares of Canopy Growth from $50.00 to $62.00 and gave the stock a “neutral” rating in a report on Wednesday, February 10th. CIBC cut their price target on shares of Canopy Growth from $64.00 to $55.00 and set a “neutral” rating for the company in a report on Monday. Stifel Nicolaus reaffirmed a “buy” rating and set a $23.00 price target on shares of Canopy Growth in a report on Thursday, February 4th. Finally, Cormark downgraded shares of Canopy Growth from a “market perform” rating to a “reduce” rating in a report on Wednesday, February 10th. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $36.61.

NASDAQ CGC opened at $29.94 on Thursday. The company has a quick ratio of 5.84, a current ratio of 7.06 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $11.44 billion, a P/E ratio of -8.96 and a beta of 2.44. Canopy Growth has a 12-month low of $12.95 and a 12-month high of $56.50. The firm has a 50-day moving average price of $33.76 and a two-hundred day moving average price of $30.29.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data on Monday, February 8th. The company reported ($2.43) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($2.22). Canopy Growth had a negative net margin of 312.84% and a negative return on equity of 13.11%. The business had revenue of $153.00 million during the quarter, compared to the consensus estimate of $149.94 million. During the same period in the prior year, the firm earned ($0.35) EPS. The business’s revenue for the quarter was up 23.4% on a year-over-year basis. Equities analysts expect that Canopy Growth will post -0.5 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in CGC. Voloridge Investment Management LLC acquired a new position in Canopy Growth in the 4th quarter valued at approximately $21,249,000. ETF Managers Group LLC increased its position in Canopy Growth by 12.9% in the 4th quarter. ETF Managers Group LLC now owns 2,955,631 shares of the company’s stock valued at $72,827,000 after acquiring an additional 338,119 shares during the period. Maple Rock Capital Partners Inc. acquired a new position in Canopy Growth in the 4th quarter valued at approximately $8,131,000. Credit Suisse AG increased its position in Canopy Growth by 79.7% in the 4th quarter. Credit Suisse AG now owns 564,969 shares of the company’s stock valued at $13,920,000 after acquiring an additional 250,523 shares during the period. Finally, LPL Financial LLC increased its position in Canopy Growth by 59.1% in the 4th quarter. LPL Financial LLC now owns 602,519 shares of the company’s stock valued at $14,846,000 after acquiring an additional 223,736 shares during the period. Hedge funds and other institutional investors own 10.18% of the company’s stock.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.

Read More: Conference Calls and Individual Investors

The Fly

Analyst Recommendations for Canopy Growth (NASDAQ:CGC)

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.