Equities research analysts predict that Canopy Growth Corp (NYSE:CGC) will announce ($0.23) earnings per share for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for Canopy Growth’s earnings, with estimates ranging from ($0.30) to ($0.13). Canopy Growth posted earnings of ($0.82) per share in the same quarter last year, which indicates a positive year over year growth rate of 72%. The business is scheduled to issue its next quarterly earnings report on Thursday, November 12th.
On average, analysts expect that Canopy Growth will report full year earnings of ($0.97) per share for the current financial year, with EPS estimates ranging from ($1.24) to ($0.63). For the next financial year, analysts expect that the business will post earnings of ($0.60) per share, with EPS estimates ranging from ($1.09) to ($0.10). Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Canopy Growth.
Canopy Growth (NYSE:CGC) last posted its quarterly earnings results on Monday, August 10th. The marijuana producer reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.08. The company had revenue of $85.91 million during the quarter, compared to the consensus estimate of $73.71 million. Canopy Growth had a negative return on equity of 21.30% and a negative net margin of 439.18%.
Several research analysts have recently weighed in on CGC shares. Oppenheimer reiterated a “hold” rating on shares of Canopy Growth in a research note on Friday, August 21st. Cfra upgraded Canopy Growth from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 4th. Zacks Investment Research downgraded Canopy Growth from a “buy” rating to a “hold” rating in a research note on Wednesday, September 23rd. Finally, Canaccord Genuity reissued a “hold” rating and set a $21.00 price objective on shares of Canopy Growth in a report on Thursday, August 6th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $27.97.
Several large investors have recently added to or reduced their stakes in the business. Westside Investment Management Inc. raised its holdings in shares of Canopy Growth by 48.2% in the 3rd quarter. Westside Investment Management Inc. now owns 4,150 shares of the marijuana producer’s stock valued at $28,670,000 after acquiring an additional 1,350 shares in the last quarter. Riggs Asset Managment Co. Inc. raised its holdings in shares of Canopy Growth by 267,421.7% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 61,530 shares of the marijuana producer’s stock valued at $1,974,000 after acquiring an additional 61,507 shares in the last quarter. Capstone Financial Group Inc. raised its holdings in shares of Canopy Growth by 23.5% in the 3rd quarter. Capstone Financial Group Inc. now owns 59,192 shares of the marijuana producer’s stock valued at $848,000 after acquiring an additional 11,255 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Canopy Growth by 161.6% in the 2nd quarter. Toronto Dominion Bank now owns 348,009 shares of the marijuana producer’s stock valued at $5,637,000 after acquiring an additional 214,977 shares in the last quarter. Finally, Gladstone Institutional Advisory LLC purchased a new stake in shares of Canopy Growth in the 2nd quarter valued at about $228,000. 9.16% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CGC stock traded down $0.29 on Thursday, hitting $18.05. 3,382,218 shares of the stock were exchanged, compared to its average volume of 6,219,176. The company has a current ratio of 8.18, a quick ratio of 6.96 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $6.71 billion, a PE ratio of -4.41 and a beta of 2.39. Canopy Growth has a one year low of $9.00 and a one year high of $25.97. The firm’s 50 day moving average is $16.00 and its two-hundred day moving average is $16.39.
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, CraftGrow, and…