Equities research analysts forecast that Canopy Growth Co. (NASDAQ:CGC) will post earnings per share (EPS) of ($0.18) for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Canopy Growth’s earnings, with estimates ranging from ($0.27) to ($0.08). Canopy Growth posted earnings per share of ($0.20) in the same quarter last year, which would suggest a positive year over year growth rate of 10%. The company is expected to report its next earnings results on Monday, August 9th.
According to Zacks, analysts expect that Canopy Growth will report full year earnings of ($0.58) per share for the current fiscal year, with EPS estimates ranging from ($1.00) to ($0.15). For the next year, analysts anticipate that the business will post earnings of ($0.16) per share, with EPS estimates ranging from ($0.51) to $0.11. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that follow Canopy Growth.
Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Monday, May 31st. The company reported ($1.85) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($1.67). The company had revenue of $167.40 million during the quarter, compared to analysts’ expectations of $149.97 million. Canopy Growth had a negative return on equity of 21.39% and a negative net margin of 445.74%. Canopy Growth’s quarterly revenue was up 45.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($3.72) EPS.
Several brokerages have issued reports on CGC. Desjardins dropped their price target on Canopy Growth from C$55.00 to C$35.00 and set a “hold” rating for the company in a research note on Thursday. BMO Capital Markets reaffirmed a “market perform” rating on shares of Canopy Growth in a research note on Wednesday, February 10th. CIBC reduced their price target on shares of Canopy Growth from C$38.00 to C$36.00 and set a “neutral” rating on the stock in a research report on Wednesday. MKM Partners upgraded shares of Canopy Growth from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Tuesday, May 25th. Finally, TheStreet lowered shares of Canopy Growth from a “c-” rating to a “d” rating in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $31.41.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockbridge Investment Management LCC increased its position in Canopy Growth by 485.7% during the 1st quarter. Rockbridge Investment Management LCC now owns 1,025 shares of the company’s stock valued at $33,000 after purchasing an additional 850 shares during the period. Axiom Investment Management LLC bought a new stake in shares of Canopy Growth during the 1st quarter valued at about $274,000. MONECO Advisors LLC increased its position in shares of Canopy Growth by 31.2% during the first quarter. MONECO Advisors LLC now owns 8,545 shares of the company’s stock valued at $274,000 after buying an additional 2,030 shares during the period. Sovereign Financial Group Inc. bought a new position in Canopy Growth in the first quarter worth about $209,000. Finally, Squarepoint Ops LLC purchased a new stake in Canopy Growth in the first quarter worth about $1,755,000. Institutional investors and hedge funds own 12.73% of the company’s stock.
NASDAQ:CGC traded down $1.02 during midday trading on Friday, hitting $24.25. The company had a trading volume of 3,690,344 shares, compared to its average volume of 5,589,758. The firm has a market cap of $9.28 billion, a P/E ratio of -4.92 and a beta of 2.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.24 and a quick ratio of 5.10. Canopy Growth has a 52-week low of $13.83 and a 52-week high of $56.50. The stock has a fifty day simple moving average of $26.48.
About Canopy Growth
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.
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