Canopy Growth (NASDAQ:CGC – Get Free Report) had its target price reduced by equities research analysts at Piper Sandler from $5.00 to $3.00 in a report issued on Monday, BayStreet.CA reports. The firm presently has an “underperform” rating on the stock. Piper Sandler’s price objective would indicate a potential downside of 21.26% from the company’s previous close.
Separately, Sanford C. Bernstein lifted their price target on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 31st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Canopy Growth presently has a consensus rating of “Hold” and an average price target of $11.65.
Canopy Growth Trading Down 5.2 %
Canopy Growth (NASDAQ:CGC – Get Free Report) last issued its quarterly earnings results on Thursday, November 9th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.60). The business had revenue of $51.88 million for the quarter, compared to analysts’ expectations of $67.17 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 67.61%. Equities analysts forecast that Canopy Growth will post -3.56 EPS for the current year.
Institutional Trading of Canopy Growth
Large investors have recently added to or reduced their stakes in the business. Flow Traders U.S. LLC purchased a new stake in Canopy Growth during the second quarter valued at $25,000. Founders Financial Securities LLC grew its holdings in Canopy Growth by 112.3% during the 3rd quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock worth $26,000 after acquiring an additional 17,500 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Canopy Growth by 144.2% during the second quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock valued at $26,000 after buying an additional 39,861 shares during the last quarter. First Republic Investment Management Inc. purchased a new stake in shares of Canopy Growth during the second quarter valued at about $31,000. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Canopy Growth by 197.5% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after buying an additional 28,666 shares during the last quarter. 12.80% of the stock is currently owned by institutional investors.
Canopy Growth Company Profile
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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