Canopy Growth (NASDAQ:CGC) Price Target Cut to $2.00 by Analysts at Piper Sandler

Canopy Growth (NASDAQ:CGC) had its price target trimmed by Piper Sandler from $3.00 to $2.00 in a research note issued to investors on Tuesday, MarketBeat reports. The firm currently has an underweight rating on the stock.

Separately, Atb Cap Markets raised Canopy Growth to a hold rating in a research note on Monday, June 17th.

Canopy Growth Price Performance

Shares of Canopy Growth stock opened at $6.50 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.58 and a debt-to-equity ratio of 0.99. The company has a market cap of $495.30 million, a PE ratio of -1.02 and a beta of 0.93. The business has a 50 day moving average of $7.92 and a 200 day moving average of $6.45. Canopy Growth has a 52 week low of $2.76 and a 52 week high of $19.20.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data on Thursday, May 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. As a group, equities research analysts forecast that Canopy Growth will post -1.07 earnings per share for the current year.

Insider Transactions at Canopy Growth

In other news, Director Willy Kruh sold 3,738 shares of the firm’s 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 transaction, the director now owns 17,295 shares of the company’s stock, valued at $171,912.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 7,545 shares of company stock valued at $67,997 over the last quarter. 0.35% of the stock is currently owned by company insiders.

Institutional Trading of Canopy Growth

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. purchased a new position in Canopy Growth during the 1st quarter valued at approximately $475,000. Virtu Financial LLC purchased a new position in Canopy Growth during the 1st quarter valued at approximately $544,000. Tidal Investments LLC purchased a new position in Canopy Growth during the 1st quarter valued at approximately $21,718,000. Murchinson Ltd. purchased a new position in Canopy Growth during the 1st quarter valued at approximately $13,149,000. Finally, SG Americas Securities LLC purchased a new position in Canopy Growth during the 1st quarter valued at approximately $740,000. 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.