Canopy Growth (NASDAQ:CGC) PT Lowered to $2.00

Canopy Growth (NASDAQ:CGC) had its target price dropped by analysts at Piper Sandler from $3.00 to $2.00 in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has an “underweight” rating on the stock. Piper Sandler’s price target points to a potential downside of 68.40% from the company’s current price.

Separately, Atb Cap Markets upgraded Canopy Growth to a “hold” rating in a report on Monday, June 17th.

Canopy Growth Trading Up 2.3 %

Shares of CGC stock opened at $6.33 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.58 and a quick ratio of 1.25. The company has a market cap of $482.33 million, a price-to-earnings ratio of -0.99 and a beta of 0.93. The stock has a 50 day simple moving average of $8.08 and a 200-day simple moving average of $6.44. Canopy Growth has a 1-year low of $2.76 and a 1-year high of $19.20.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.05. The business had revenue of $53.99 million during the quarter, compared to the consensus estimate of $52.71 million. Canopy Growth had a negative return on equity of 62.67% and a negative net margin of 185.77%. On average, equities research analysts expect that Canopy Growth will post -1.08 EPS for the current fiscal year.

Insider Buying and Selling at Canopy Growth

In other Canopy Growth news, Director Willy Kruh sold 3,738 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $9.94, for a total value of $37,155.72. Following the sale, the director now owns 17,295 shares of the company’s stock, valued at approximately $171,912.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 7,545 shares of company stock valued at $67,997 in the last quarter. Corporate insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Genesee Capital Advisors LLC grew its stake in Canopy Growth by 29.9% during the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock worth $113,000 after buying an additional 3,000 shares during the last quarter. PCG Wealth Advisors LLC grew its stake in Canopy Growth by 73.6% during the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after buying an additional 13,300 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in Canopy Growth during the 1st quarter worth approximately $289,000. Gainplan LLC purchased a new position in Canopy Growth during the 1st quarter worth approximately $302,000. Finally, B. Riley Wealth Advisors Inc. purchased a new position in Canopy Growth during the 1st quarter worth approximately $475,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.