Canopy Growth Corp (CGC) Expected to Post Quarterly Sales of $66.09 Million

Brokerages expect that Canopy Growth Corp (NYSE:CGC) will announce $66.09 million in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Canopy Growth’s earnings. The lowest sales estimate is $65.20 million and the highest is $66.98 million. Canopy Growth posted sales of $17.09 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 286.7%. The business is scheduled to report its next earnings results after the market closes on Thursday, February 14th.

On average, analysts expect that Canopy Growth will report full year sales of $200.11 million for the current fiscal year, with estimates ranging from $197.10 million to $203.11 million. For the next financial year, analysts forecast that the firm will report sales of $609.59 million, with estimates ranging from $605.10 million to $614.07 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Canopy Growth.

Canopy Growth (NYSE:CGC) last issued its quarterly earnings results on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.64). The company had revenue of $23.30 million during the quarter, compared to analyst estimates of $59.10 million. Canopy Growth had a negative return on equity of 26.32% and a negative net margin of 503.14%. The firm’s quarterly revenue was up 32.4% on a year-over-year basis.

Several analysts recently commented on the stock. Zacks Investment Research lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Scotiabank assumed coverage on shares of Canopy Growth in a research note on Wednesday, October 17th. They set a “hold” rating and a $61.00 target price for the company. Piper Jaffray Companies set a $60.00 target price on shares of Canopy Growth and gave the company a “buy” rating in a research note on Saturday, February 2nd. Finally, CIBC assumed coverage on shares of Canopy Growth in a research note on Friday, January 18th. They set an “outperform” rating for the company. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. Canopy Growth currently has a consensus rating of “Hold” and an average price target of $50.33.

CGC stock traded down $1.63 on Friday, hitting $43.84. 171,651 shares of the company’s stock traded hands, compared to its average volume of 12,815,054. Canopy Growth has a 1-year low of $18.93 and a 1-year high of $59.25. The firm has a market cap of $10.56 billion, a PE ratio of -136.84 and a beta of 4.46.

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc lifted its position in shares of Canopy Growth by 4.4% in the 3rd quarter. Vanguard Group Inc now owns 4,310,420 shares of the marijuana producer’s stock valued at $209,658,000 after acquiring an additional 180,130 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Canopy Growth by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock valued at $209,658,000 after acquiring an additional 180,130 shares in the last quarter. Morgan Stanley increased its stake in Canopy Growth by 243.3% in the 3rd quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock valued at $201,598,000 after buying an additional 2,937,286 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Canopy Growth by 234.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,802,260 shares of the marijuana producer’s stock valued at $87,492,000 after buying an additional 1,263,825 shares during the period. Finally, ETF Managers Group LLC acquired a new position in Canopy Growth in the 4th quarter valued at approximately $40,644,000. Institutional investors and hedge funds own 12.83% of the company’s stock.

Canopy Growth Company Profile

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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Earnings History and Estimates for Canopy Growth (NYSE:CGC)

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