Canopy Growth (NASDAQ:CGC) Price Target Increased to $0.66 by Analysts at Bank of America

Canopy Growth (NASDAQ:CGC) had its price objective raised by Bank of America from $0.56 to $0.66 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has an underperform rating on the stock.

Canopy Growth Trading Down 15.6 %

NASDAQ CGC opened at $1.14 on Friday. The business’s 50-day moving average price is $0.58 and its two-hundred day moving average price is $1.00. Canopy Growth has a 12 month low of $0.35 and a 12 month high of $4.77. The firm has a market capitalization of $834.94 million, a PE ratio of -0.65 and a beta of 1.80. The company has a current ratio of 1.96, a quick ratio of 1.64 and a debt-to-equity ratio of 0.93.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Wednesday, August 9th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. Canopy Growth had a negative return on equity of 49.88% and a negative net margin of 278.33%. The firm had revenue of $80.95 million for the quarter, compared to analyst estimates of $69.67 million. On average, analysts expect that Canopy Growth will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other news, Director David Angelo Lazzarato sold 38,963 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $0.71, for a total value of $27,663.73. Following the completion of the sale, the director now directly owns 246,064 shares of the company’s stock, valued at $174,705.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 82,364 shares of company stock worth $52,586. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Canopy Growth

A number of institutional investors and hedge funds have recently modified their holdings of the business. ETF Managers Group LLC bought a new position in shares of Canopy Growth in the first quarter worth $14,187,000. Vanguard Group Inc. boosted its holdings in shares of Canopy Growth by 26.3% in the third quarter. Vanguard Group Inc. now owns 10,233,037 shares of the company’s stock worth $27,936,000 after acquiring an additional 2,133,358 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Canopy Growth by 65.7% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,827,613 shares of the company’s stock worth $1,861,000 after acquiring an additional 1,914,181 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Canopy Growth by 148.4% in the third quarter. Two Sigma Advisers LP now owns 2,874,400 shares of the company’s stock worth $7,847,000 after acquiring an additional 1,717,300 shares during the period. Finally, HRT Financial LP boosted its holdings in shares of Canopy Growth by 2,989.7% in the first quarter. HRT Financial LP now owns 1,036,372 shares of the company’s stock worth $1,813,000 after acquiring an additional 1,002,829 shares during the period. 12.80% of the stock is owned by hedge funds and other institutional investors.

About Canopy Growth

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.