Canopy Growth (NYSE:CGC) had its target price dropped by equities research analysts at Piper Jaffray Companies from $54.00 to $49.00 in a research note issued to investors on Friday, The Fly reports. The brokerage presently has an “overweight” rating on the marijuana producer’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 74.32% from the stock’s previous close.
Other analysts have also recently issued reports about the company. GMP Securities raised Canopy Growth from a “hold” rating to a “buy” rating and raised their price objective for the company from $65.00 to $72.00 in a research report on Monday, April 22nd. Compass Point initiated coverage on Canopy Growth in a research report on Monday, June 10th. They issued a “neutral” rating and a $43.76 price objective for the company. Bank of America set a $53.00 price objective on Canopy Growth and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $44.00 price objective (down from $50.00) on shares of Canopy Growth in a research report on Friday. Finally, LADENBURG THALM/SH SH initiated coverage on Canopy Growth in a research report on Wednesday, July 17th. They issued a “buy” rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $55.13.
NYSE CGC traded up $0.77 during trading hours on Friday, hitting $28.11. 4,690,000 shares of the company traded hands, compared to its average volume of 3,161,922. The business’s 50-day moving average is $35.33 and its 200-day moving average is $42.38. Canopy Growth has a twelve month low of $25.26 and a twelve month high of $59.25. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.49 and a current ratio of 12.32. The stock has a market capitalization of $11.07 billion, a price-to-earnings ratio of -17.68 and a beta of 3.63.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC increased its stake in shares of Canopy Growth by 524.0% during the first quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock worth $27,000 after purchasing an additional 524 shares during the period. Coastal Capital Group Inc. bought a new position in shares of Canopy Growth during the second quarter worth approximately $26,000. Private Capital Group LLC increased its stake in shares of Canopy Growth by 221.5% during the first quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock worth $28,000 after purchasing an additional 443 shares during the period. TCG Advisors LP bought a new position in shares of Canopy Growth during the first quarter worth approximately $28,000. Finally, Lee Financial Co increased its stake in shares of Canopy Growth by 884.1% during the first quarter. Lee Financial Co now owns 679 shares of the marijuana producer’s stock worth $29,000 after purchasing an additional 610 shares during the period. Institutional investors own 8.16% 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, CraftGrow, and Foria brand names.
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