Equities research analysts forecast that Canopy Growth Co. (NASDAQ:CGC) will announce earnings per share (EPS) of ($0.18) for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Canopy Growth’s earnings. The lowest EPS estimate is ($0.24) and the highest is ($0.08). Canopy Growth posted earnings of ($1.16) per share in the same quarter last year, which would suggest a positive year over year growth rate of 84.5%. The firm is expected to report its next earnings report on Friday, June 4th.
According to Zacks, analysts expect that Canopy Growth will report full-year earnings of ($2.42) per share for the current year, with EPS estimates ranging from ($2.48) to ($2.30). For the next financial year, analysts forecast that the firm will report earnings of ($0.46) per share, with EPS estimates ranging from ($0.69) to ($0.15). Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that cover Canopy Growth.
Canopy Growth (NASDAQ:CGC) last issued its earnings results on Monday, February 8th. The company reported ($2.43) EPS for the quarter, missing the consensus estimate of ($0.21) by ($2.22). Canopy Growth had a negative return on equity of 13.11% and a negative net margin of 312.84%. The company had revenue of $153.00 million during the quarter, compared to the consensus estimate of $149.94 million. During the same quarter in the prior year, the business earned ($0.35) EPS. The firm’s revenue for the quarter was up 23.4% compared to the same quarter last year.
Several analysts have weighed in on CGC shares. Jefferies Financial Group cut Canopy Growth from a “hold” rating to an “underperform” rating in a report on Wednesday, February 24th. Cantor Fitzgerald decreased their price objective on Canopy Growth from $62.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday. Desjardins raised their price objective on Canopy Growth from $22.00 to $55.00 and gave the company a “hold” rating in a report on Thursday, February 11th. Cormark lowered Canopy Growth from a “market perform” rating to a “reduce” rating in a research report on Wednesday, February 10th. Finally, Zacks Investment Research lowered Canopy Growth from a “hold” rating to a “sell” rating in a research report on Thursday, February 11th. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $33.91.
A number of large investors have recently made changes to their positions in the business. Sowell Financial Services LLC raised its stake in shares of Canopy Growth by 5.7% in the fourth quarter. Sowell Financial Services LLC now owns 5,826 shares of the company’s stock worth $144,000 after purchasing an additional 312 shares during the last quarter. Vestor Capital LLC raised its stake in shares of Canopy Growth by 11.6% in the fourth quarter. Vestor Capital LLC now owns 3,548 shares of the company’s stock worth $87,000 after purchasing an additional 369 shares during the last quarter. Tsfg LLC raised its stake in shares of Canopy Growth by 8.6% in the fourth quarter. Tsfg LLC now owns 5,696 shares of the company’s stock worth $140,000 after purchasing an additional 450 shares during the last quarter. Trustcore Financial Services LLC increased its position in Canopy Growth by 29.8% during the fourth quarter. Trustcore Financial Services LLC now owns 2,180 shares of the company’s stock valued at $54,000 after acquiring an additional 500 shares during the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new stake in Canopy Growth during the fourth quarter valued at $30,000. Institutional investors and hedge funds own 10.18% of the company’s stock.
NASDAQ CGC traded down $1.59 during trading hours on Monday, hitting $27.40. The company had a trading volume of 242,248 shares, compared to its average volume of 6,543,884. Canopy Growth has a 52 week low of $12.95 and a 52 week high of $56.50. The firm has a 50 day simple moving average of $33.28 and a 200 day simple moving average of $30.38. The company has a debt-to-equity ratio of 0.10, a quick ratio of 5.84 and a current ratio of 7.06. The firm has a market capitalization of $10.47 billion, a price-to-earnings ratio of -8.20 and a beta of 2.44.
About Canopy Growth
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.
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