Canopy Growth (CGC) Now Covered by Analysts at Scotiabank

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.

Canopy Growth (NYSE:CGC) last posted its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.19). Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 14.86%. The company had revenue of $20.09 million during the quarter, compared to the consensus estimate of $21.04 million. On average, research analysts expect that Canopy Growth will post -0.37 EPS for the current year.

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.

See Also: What is a Leveraged Buyout (LBO)?

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply