Shares of Canopy Growth Corp (NYSE:CGC) have been given a consensus broker rating score of 1.80 (Buy) from the five analysts that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating on the company. Canopy Growth’s rating score has improved by 34.5% in the last 90 days as a result of various analysts’ upgrades and downgrades.

Analysts have set a twelve-month consensus target price of $47.58 for the company and are anticipating that the company will post ($0.09) earnings per share for the current quarter, according to Zacks. Zacks has also given Canopy Growth an industry rank of 143 out of 255 based on the ratings given to related companies.

Several equities analysts have commented on CGC shares. Zacks Investment Research lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Benchmark started coverage on shares of Canopy Growth in a research note on Tuesday, September 25th. They issued a “buy” rating on the stock. Finally, Cann started coverage on shares of Canopy Growth in a research note on Friday. They issued a “sell” rating and a $30.00 price target on the stock. They noted that the move was a valuation call.

Shares of CGC stock traded up $2.66 during trading hours on Wednesday, reaching $49.80. 7,969,538 shares of the stock were exchanged, compared to its average volume of 4,847,216. Canopy Growth has a 12-month low of $9.37 and a 12-month high of $56.60. The firm has a market capitalization of $11.19 billion, a price-to-earnings ratio of -155.63 and a beta of 3.17.

Canopy Growth (NYSE:CGC) last released its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.19). Canopy Growth had a negative return on equity of 14.86% and a negative net margin of 159.94%. The firm had revenue of $20.09 million for the quarter, compared to analysts’ expectations of $21.04 million. As a group, sell-side analysts forecast that Canopy Growth will post -0.37 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. JW Asset Management LLC purchased a new position in shares of Canopy Growth during the second quarter worth approximately $37,819,000. Morgan Stanley purchased a new position in shares of Canopy Growth during the second quarter worth approximately $35,365,000. TD Asset Management Inc. purchased a new position in shares of Canopy Growth during the second quarter worth approximately $19,252,000. Indus Capital Partners LLC purchased a new position in shares of Canopy Growth during the second quarter worth approximately $19,226,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Canopy Growth during the second quarter worth approximately $15,726,000. Institutional investors own 7.12% of the company’s stock.

About Canopy Growth

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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