Equities research analysts expect Canopy Growth Co. (NASDAQ:CGC – Get Rating) to post sales of $105.99 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Canopy Growth’s earnings, with the lowest sales estimate coming in at $99.12 million and the highest estimate coming in at $111.41 million. Canopy Growth posted sales of $117.22 million during the same quarter last year, which would indicate a negative year over year growth rate of 9.6%. The business is scheduled to report its next earnings report on Monday, January 1st.
According to Zacks, analysts expect that Canopy Growth will report full year sales of $428.26 million for the current year, with estimates ranging from $420.34 million to $434.45 million. For the next year, analysts expect that the business will post sales of $479.55 million, with estimates ranging from $464.03 million to $491.72 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Canopy Growth.
Canopy Growth (NASDAQ:CGC – Get Rating) last released its earnings results on Wednesday, February 9th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.01. Canopy Growth had a negative return on equity of 15.71% and a negative net margin of 71.43%. The firm had revenue of $111.84 million for the quarter, compared to analyst estimates of $110.60 million. During the same quarter last year, the firm posted ($0.98) EPS.
Several analysts have recently weighed in on CGC shares. CIBC decreased their price objective on Canopy Growth from C$12.00 to C$9.00 in a report on Thursday, February 3rd. Cantor Fitzgerald raised their target price on Canopy Growth from C$9.60 to C$11.00 and gave the stock a “neutral” rating in a research report on Friday, February 18th. Bank of America downgraded Canopy Growth from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $19.00 to $10.00 in a research report on Wednesday, December 22nd. Barclays downgraded Canopy Growth from an “equal weight” rating to an “underweight” rating in a research report on Tuesday, March 22nd. Finally, Zacks Investment Research upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research report on Thursday, February 10th. Seven analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.38.
Large investors have recently bought and sold shares of the business. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Canopy Growth by 643.3% during the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 94,577 shares of the company’s stock worth $1,288,000 after acquiring an additional 81,853 shares in the last quarter. Bank of Nova Scotia grew its position in Canopy Growth by 1.4% during the third quarter. Bank of Nova Scotia now owns 1,939,417 shares of the company’s stock worth $26,873,000 after buying an additional 26,664 shares in the last quarter. Credit Suisse AG grew its position in Canopy Growth by 18.6% during the third quarter. Credit Suisse AG now owns 703,071 shares of the company’s stock worth $9,745,000 after buying an additional 110,451 shares in the last quarter. NuWave Investment Management LLC boosted its holdings in shares of Canopy Growth by 131.6% in the 4th quarter. NuWave Investment Management LLC now owns 27,275 shares of the company’s stock valued at $238,000 after purchasing an additional 15,498 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Canopy Growth by 11.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 176,617 shares of the company’s stock valued at $2,448,000 after purchasing an additional 17,584 shares in the last quarter. 14.78% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:CGC opened at $5.93 on Wednesday. Canopy Growth has a 1-year low of $5.62 and a 1-year high of $28.38. The firm has a market capitalization of $2.34 billion, a PE ratio of -5.81 and a beta of 1.93. The business’s 50 day moving average is $7.19 and its 200-day moving average is $9.43. The company has a current ratio of 8.31, a quick ratio of 6.78 and a debt-to-equity ratio of 0.36.
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.