Zacks: Analysts Expect Canopy Growth Co. (NASDAQ:CGC) to Post -$0.18 Earnings Per Share

Wall Street brokerages predict that Canopy Growth Co. (NASDAQ:CGC) will post ($0.18) earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Canopy Growth’s earnings, with the lowest EPS estimate coming in at ($0.24) and the highest estimate coming in at ($0.08). Canopy Growth reported earnings of ($1.16) per share in the same quarter last year, which would indicate a positive year over year growth rate of 84.5%. The company is expected to announce its next earnings results on Friday, June 4th.

According to Zacks, analysts expect that Canopy Growth will report full year earnings of ($2.44) per share for the current financial year, with EPS estimates ranging from ($2.52) to ($2.30). For the next year, analysts expect that the company will report earnings of ($0.47) per share, with EPS estimates ranging from ($0.69) to ($0.15). Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for Canopy Growth.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Monday, February 8th. The company reported ($2.43) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($2.22). The company had revenue of $153.00 million during the quarter, compared to the consensus estimate of $149.94 million. Canopy Growth had a negative net margin of 312.84% and a negative return on equity of 13.11%. The firm’s revenue was up 23.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.35) earnings per share.

CGC has been the topic of several recent research reports. Piper Sandler cut shares of Canopy Growth from an “overweight” rating to a “neutral” rating and set a $27.00 target price on the stock. in a report on Friday, February 5th. Cantor Fitzgerald lowered their target price on shares of Canopy Growth from $62.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, April 9th. CIBC decreased their price objective on shares of Canopy Growth from $64.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, April 5th. Canaccord Genuity cut shares of Canopy Growth from a “hold” rating to a “sell” rating and lifted their price objective for the company from $25.00 to $32.00 in a research note on Wednesday, February 10th. They noted that the move was a valuation call. Finally, Benchmark cut shares of Canopy Growth from a “buy” rating to a “hold” rating in a research note on Wednesday, February 10th. Six equities research analysts have rated the stock with a sell rating, ten have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Canopy Growth presently has a consensus rating of “Hold” and an average target price of $33.91.

Several large investors have recently modified their holdings of CGC. Piscataqua Savings Bank bought a new position in shares of Canopy Growth in the 1st quarter worth $25,000. Laurel Wealth Advisors LLC bought a new position in shares of Canopy Growth during the 4th quarter valued at $29,000. SOA Wealth Advisors LLC. bought a new position in shares of Canopy Growth during the 4th quarter valued at $30,000. Avion Wealth bought a new position in shares of Canopy Growth during the 4th quarter valued at $32,000. Finally, Allworth Financial LP grew its holdings in shares of Canopy Growth by 89.4% during the 4th quarter. Allworth Financial LP now owns 1,460 shares of the company’s stock valued at $36,000 after purchasing an additional 689 shares during the last quarter. 10.18% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CGC traded down $0.28 during mid-day trading on Thursday, hitting $25.29. 230,465 shares of the company’s stock were exchanged, compared to its average volume of 5,916,073. Canopy Growth has a 52 week low of $12.95 and a 52 week high of $56.50. The stock’s 50-day simple moving average is $30.13 and its 200-day simple moving average is $30.78. The firm has a market cap of $9.66 billion, a price-to-earnings ratio of -7.66 and a beta of 2.44. The company has a quick ratio of 5.84, a current ratio of 7.06 and a debt-to-equity ratio of 0.10.

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.

Featured Article: Which market index is the best?

Get a free copy of the Zacks research report on Canopy Growth (CGC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates 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.