Equities analysts expect Canopy Growth Corp (NYSE:CGC) to post sales of $85.97 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for Canopy Growth’s earnings. The highest sales estimate is $95.00 million and the lowest is $78.63 million. Canopy Growth reported sales of $20.09 million during the same quarter last year, which indicates a positive year-over-year growth rate of 327.9%. The company is expected to announce its next quarterly earnings results on Tuesday, August 13th.

On average, analysts expect that Canopy Growth will report full-year sales of $511.48 million for the current financial year, with estimates ranging from $456.99 million to $570.00 million. For the next financial year, analysts anticipate that the firm will report sales of $1.02 billion, with estimates ranging from $900.98 million to $1.21 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Canopy Growth.

Canopy Growth (NYSE:CGC) last released its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative net margin of 304.03% and a negative return on equity of 15.82%. The company had revenue of $70.74 million during the quarter, compared to the consensus estimate of $71.06 million.

Several equities research analysts have recently weighed in on the company. Alliance Global Partners set a C$75.00 price objective on Canopy Growth and gave the company a “buy” rating in a research note on Monday, May 13th. Compass Point assumed coverage on Randsburg International Gold in a research note on Monday, June 10th. They issued a “buy” rating on the stock. Desjardins reiterated a “buy” rating on shares of Fiera Capital in a research note on Thursday, July 4th. GMP Securities upgraded Canopy Growth from a “hold” rating to a “buy” rating and upped their price objective for the company from $65.00 to $72.00 in a research note on Monday, April 22nd. Finally, Bryan, Garnier & Co reiterated a “neutral” rating and issued a $60.00 price objective (down from $85.00) on shares of in a research note on Friday, July 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $55.34.

Shares of CGC stock traded down $2.88 during trading hours on Friday, hitting $34.21. The company had a trading volume of 14,116,477 shares, compared to its average volume of 7,068,426. Canopy Growth has a 12 month low of $24.21 and a 12 month high of $59.25. The company has a market cap of $12.83 billion, a price-to-earnings ratio of -21.52 and a beta of 3.65. The stock’s fifty day moving average is $41.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 12.32 and a quick ratio of 11.49.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CGC. Bank of New York Mellon Corp bought a new stake in Canopy Growth during the 3rd quarter worth approximately $246,000. Renaissance Technologies LLC bought a new stake in Canopy Growth during the 3rd quarter worth approximately $5,536,000. AQR Capital Management LLC grew its position in Canopy Growth by 183.7% during the 3rd quarter. AQR Capital Management LLC now owns 75,423 shares of the marijuana producer’s stock worth $3,661,000 after acquiring an additional 48,835 shares during the last quarter. Morgan Stanley grew its position in Canopy Growth by 243.3% during the 3rd quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after acquiring an additional 2,937,286 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Canopy Growth by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock worth $209,658,000 after acquiring an additional 180,130 shares during the last quarter. Institutional investors and hedge funds own 8.05% 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, CraftGrow, and Foria brand names.

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Earnings History and Estimates for Canopy Growth (NYSE:CGC)

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