Canopy Growth (NASDAQ:CGC) Receives Hold Rating from Cfra

Cfra reaffirmed their hold rating on shares of Canopy Growth (NASDAQ:CGCGet Rating) in a research note released on Friday morning, TipRanks reports. Cfra currently has a $10.00 price objective on the stock.

CGC has been the topic of a number of other research reports. CIBC cut their target price on shares of Canopy Growth from C$12.00 to C$9.00 in a research note on Thursday, February 3rd. Alliance Global Partners lowered their price target on shares of Canopy Growth from C$8.00 to C$7.00 in a research report on Friday. Canaccord Genuity Group lowered their price target on shares of Canopy Growth from C$12.00 to C$10.00 in a research report on Thursday, February 10th. Barclays cut shares of Canopy Growth from an equal weight rating to an underweight rating in a research report on Tuesday, March 22nd. Finally, Cantor Fitzgerald lifted their target price on shares of Canopy Growth from C$9.60 to C$11.00 and gave the stock a neutral rating in a report on Friday, February 18th. Eight research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Sell and an average price target of $13.40.

Shares of CGC traded down $0.67 during trading hours on Friday, reaching $4.88. 16,635,115 shares of the company traded hands, compared to its average volume of 7,388,089. The company’s fifty day moving average price is $6.31 and its two-hundred day moving average price is $8.00. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -4.78 and a beta of 1.98. The company has a quick ratio of 6.78, a current ratio of 8.31 and a debt-to-equity ratio of 0.36. Canopy Growth has a 12 month low of $4.60 and a 12 month high of $26.96.

A number of hedge funds and other institutional investors have recently made changes to their positions in CGC. Amundi Pioneer Asset Management Inc. grew its position in Canopy Growth by 6.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the company’s stock valued at $1,577,000 after buying an additional 2,296 shares during the period. Wells Fargo & Company MN boosted its position in shares of Canopy Growth by 7.6% during the second quarter. Wells Fargo & Company MN now owns 29,817 shares of the company’s stock worth $721,000 after acquiring an additional 2,107 shares during the last quarter. Morgan Stanley boosted its position in shares of Canopy Growth by 4.5% during the second quarter. Morgan Stanley now owns 2,090,945 shares of the company’s stock worth $50,559,000 after acquiring an additional 89,385 shares during the last quarter. Citigroup Inc. boosted its position in shares of Canopy Growth by 49.7% during the third quarter. Citigroup Inc. now owns 126,463 shares of the company’s stock worth $1,752,000 after acquiring an additional 41,972 shares during the last quarter. Finally, First Republic Investment Management Inc. boosted its position in shares of Canopy Growth by 26.2% during the third quarter. First Republic Investment Management Inc. now owns 12,608 shares of the company’s stock worth $175,000 after acquiring an additional 2,619 shares during the last quarter. Institutional investors own 16.59% of the company’s stock.

Canopy Growth Company Profile (Get Rating)

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

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