MKM Partners Remains a Hold on Canopy Growth (CGC)

By Ryan Adsit

MKM Partners analyst William Kirk maintained a Hold rating on Canopy Growth (CGCResearch Report) today and set a price target of C$19.00. The company’s shares closed last Friday at $16.63.

According to TipRanks.com, Kirk has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -4.7% and a 39.4% success rate. Kirk covers the Consumer Goods sector, focusing on stocks such as Bj’s Wholesale Club Holdings, Craft Brewers Alliance, and Grocery Outlet Holding.

The word on The Street in general, suggests a Hold analyst consensus rating for Canopy Growth with a $18.08 average price target, implying a 2.3% upside from current levels. In a report issued on August 4, Canaccord Genuity also maintained a Hold rating on the stock with a C$21.00 price target.

See today’s analyst top recommended stocks >>

The company has a one-year high of $34.34 and a one-year low of $9.00. Currently, Canopy Growth has an average volume of 6.14M.

Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CGC in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Canopy Growth Corp. engages in the production and sale of medical cannabis. The company offers products including oils and concentrates, soft gel capsules and hemp. It focuses on the treatment of chronic pain, seizures, muscle spasms, nausea, and loss of appetite. The company was founded by Bruce Linton on August 5, 2009 and is headquartered in Smith Falls, Canada.