PI Financial Downgrades Canopy Growth (CGC) to Hold

By Carrie Williams

Canopy Growth (CGCResearch Report) received a Hold rating and a C$30.00 price target from PI Financial analyst Jason Zandberg today. The company’s shares closed last Monday at $21.94.

According to TipRanks.com, Zandberg is a 3-star analyst with an average return of 5.6% and a 32.0% success rate. Zandberg covers the Healthcare sector, focusing on stocks such as Trulieve Cannabis, Aurora Cannabis, and Columbia Care.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Canopy Growth with a $24.14 average price target, representing a 8.0% upside. In a report issued on February 5, Oppenheimer also reiterated a Hold rating on the stock.

See today’s analyst top recommended stocks >>

Based on Canopy Growth’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $91.64 million. In comparison, last year the company had a net profit of $51.17 million.

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.