CIBC Trims Canopy Growth (NASDAQ:CGC) Target Price to C$22.00

Canopy Growth (NASDAQ:CGC) had its target price reduced by CIBC from C$27.00 to C$22.00 in a research report released on Thursday morning, The Fly reports. CIBC currently has a neutral rating on the stock.

Several other brokerages also recently commented on CGC. Piper Sandler reduced their target price on Canopy Growth from $19.00 to $15.00 and set a neutral rating for the company in a research note on Monday, September 20th. Canaccord Genuity lifted their price target on Canopy Growth from C$25.00 to C$30.00 and gave the company a hold rating in a research note on Monday, August 9th. Zacks Investment Research upgraded Canopy Growth from a sell rating to a hold rating in a research note on Monday, August 9th. Jefferies Financial Group upgraded Canopy Growth from an underperform rating to a hold rating in a research note on Wednesday, August 11th. Finally, Eight Capital upgraded Canopy Growth from a sell rating to a neutral rating in a research note on Wednesday, June 2nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $28.23.

Shares of CGC opened at $13.91 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 10.44 and a quick ratio of 8.84. The stock has a 50-day moving average of $17.31 and a 200-day moving average of $23.29. The company has a market cap of $5.47 billion, a PE ratio of -5.13 and a beta of 2.05. Canopy Growth has a one year low of $13.35 and a one year high of $56.50.

Canopy Growth (NASDAQ:CGC) last issued its earnings results on Thursday, August 5th. The company reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $1.02. The company had revenue of $136.21 million during the quarter, compared to the consensus estimate of $151.29 million. Canopy Growth had a negative return on equity of 17.31% and a negative net margin of 200.71%. The firm’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period last year, the business posted ($0.30) EPS. Analysts expect that Canopy Growth will post 0.01 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Activest Wealth Management purchased a new position in shares of Canopy Growth in the second quarter worth about $59,000. Newbridge Financial Services Group Inc. raised its holdings in Canopy Growth by 38.2% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,145 shares of the company’s stock valued at $76,000 after acquiring an additional 870 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in shares of Canopy Growth by 12.6% in the second quarter. Parametric Portfolio Associates LLC now owns 30,720 shares of the company’s stock worth $743,000 after acquiring an additional 3,427 shares during the period. Pantheon Investment Group LLC lifted its holdings in Canopy Growth by 11.2% during the 2nd quarter. Pantheon Investment Group LLC now owns 23,607 shares of the company’s stock worth $571,000 after purchasing an additional 2,369 shares in the last quarter. Finally, Morgan Stanley increased 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 valued at $50,559,000 after buying an additional 89,385 shares during the period. 14.24% of the stock is currently owned by hedge funds and other institutional investors.

Canopy Growth Company Profile

Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.

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