Brokerages forecast that Canopy Growth Corp (NYSE:CGC) will announce $71.98 million in sales for the current quarter, according to Zacks. Five analysts have issued estimates for Canopy Growth’s earnings. The lowest sales estimate is $64.27 million and the highest is $81.02 million. Canopy Growth posted sales of $18.05 million during the same quarter last year, which suggests a positive year-over-year growth rate of 298.8%. The company is scheduled to report its next quarterly earnings report on Wednesday, June 26th.

On average, analysts expect that Canopy Growth will report full year sales of $173.88 million for the current year, with estimates ranging from $163.41 million to $184.50 million. For the next year, analysts forecast that the business will report sales of $545.71 million, with estimates ranging from $468.21 million to $607.47 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow Canopy Growth.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.52). The firm had revenue of $62.85 million during the quarter, compared to analysts’ expectations of $66.09 million. Canopy Growth had a negative net margin of 267.40% and a negative return on equity of 14.39%.

Several research analysts have weighed in on CGC shares. CIBC started coverage on shares of Canopy Growth in a research note on Friday, January 18th. They set an “outperform” rating for the company. GMP Securities downgraded Canopy Growth from a “buy” rating to a “hold” rating in a report on Tuesday, February 19th. Piper Jaffray Companies set a $60.00 target price on Canopy Growth and gave the company a “buy” rating in a report on Saturday, February 2nd. Jefferies Financial Group assumed coverage on Canopy Growth in a report on Monday, February 25th. They set a “hold” rating for the company. Finally, Seaport Global Securities assumed coverage on Canopy Growth in a report on Thursday, February 21st. They set a “neutral” rating and a $46.27 target price for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $57.85.

A number of institutional investors have recently made changes to their positions in CGC. Stone House Investment Management LLC bought a new position in shares of Canopy Growth during the 1st quarter worth approximately $25,000. Ellis Investment Partners LLC purchased a new position in shares of Canopy Growth during the 1st quarter worth about $25,000. North Star Investment Management Corp. purchased a new position in shares of Canopy Growth during the 4th quarter worth about $26,000. Cypress Capital Management LLC WY purchased a new position in shares of Canopy Growth during the 4th quarter worth about $27,000. Finally, Next Capital Management LLC purchased a new position in shares of Canopy Growth during the 4th quarter worth about $27,000. 8.05% of the stock is owned by hedge funds and other institutional investors.

CGC stock traded up $0.10 during mid-day trading on Friday, hitting $45.40. 3,467,546 shares of the company were exchanged, compared to its average volume of 8,261,563. The company has a debt-to-equity ratio of 0.10, a current ratio of 17.85 and a quick ratio of 17.12. The firm has a market cap of $15.06 billion, a PE ratio of -141.88 and a beta of 4.17. Canopy Growth has a 12-month low of $24.21 and a 12-month high of $59.25.

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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