Analysts at Scotiabank initiated coverage on shares of Canopy Growth (NYSE:CGC) in a research report issued on Wednesday. The brokerage set a “hold” rating and a $61.00 price target on the marijuana producer’s stock. Scotiabank’s price objective indicates a potential upside of 21.22% from the company’s previous close.
Other research analysts have also issued research reports about the company. Canaccord Genuity upgraded Canopy Growth from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Benchmark initiated coverage on Canopy Growth in a report on Tuesday, September 25th. They issued a “buy” rating on the stock. Zacks Investment Research upgraded Canopy Growth from a “sell” rating to a “hold” rating in a report on Friday, September 21st. Finally, Cann initiated coverage on Canopy Growth in a report on Friday, October 12th. They issued a “sell” rating and a $30.00 target price on the stock. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Canopy Growth currently has an average rating of “Hold” and an average target price of $36.67.
Shares of CGC stock traded down $2.69 during trading hours on Wednesday, reaching $50.32. The company had a trading volume of 590,611 shares, compared to its average volume of 5,106,352. Canopy Growth has a 12 month low of $9.37 and a 12 month high of $59.25. The firm has a market capitalization of $11.19 billion, a PE ratio of -157.25 and a beta of 3.17.
Several hedge funds have recently bought and sold shares of CGC. Toronto Dominion Bank bought a new stake in Canopy Growth during the second quarter worth $5,018,000. Sheaff Brock Investment Advisors LLC bought a new stake in Canopy Growth during the second quarter worth $307,000. Cornerstone Wealth Management LLC bought a new stake in Canopy Growth during the second quarter worth $350,000. First Republic Investment Management Inc. bought a new stake in Canopy Growth during the second quarter worth $809,000. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in Canopy Growth during the second quarter worth $2,752,000. Institutional investors own 7.12% of the company’s stock.
About Canopy Growth
Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.
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