Stock analysts at CIBC started coverage on shares of Canopy Growth (NYSE:CGC) in a research note issued to investors on Friday, MarketBeat reports. The firm set an “outperform” rating on the marijuana producer’s stock.

Several other research analysts have also recently weighed in on the company. started coverage on Canopy Growth in a report on Friday, October 12th. They set a “sell” rating and a $30.00 target price on the stock. They noted that the move was a valuation call. Zacks Investment Research upgraded Canopy Growth from a “sell” rating to a “hold” rating in a report on Friday, September 21st. Benchmark initiated coverage on Canopy Growth in a report on Tuesday, September 25th. They issued a “buy” rating on the stock. Scotiabank initiated coverage on Canopy Growth in a report on Wednesday, October 17th. They issued a “hold” rating and a $61.00 price objective on the stock. Finally, Piper Jaffray Companies initiated coverage on Canopy Growth in a report on Wednesday, January 9th. They issued an “overweight” rating and a $40.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $43.67.

Shares of Canopy Growth stock opened at $43.52 on Friday. The company has a market cap of $10.10 billion, a PE ratio of -136.00 and a beta of 3.31. Canopy Growth has a 1-year low of $16.74 and a 1-year high of $59.25.

Canopy Growth (NYSE:CGC) last issued its earnings results on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.64). The company had revenue of $23.30 million for the quarter, compared to analyst estimates of $59.10 million. Canopy Growth had a negative return on equity of 26.32% and a negative net margin of 503.14%. The business’s quarterly revenue was up 32.4% on a year-over-year basis. Research analysts predict that Canopy Growth will post -1.13 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the business. USA Mutuals Advisors Inc. increased its position in shares of Canopy Growth by 65.6% during the fourth quarter. USA Mutuals Advisors Inc. now owns 26,500 shares of the marijuana producer’s stock worth $711,000 after acquiring an additional 10,500 shares during the period. Gradient Investments LLC increased its position in shares of Canopy Growth by 29.2% during the fourth quarter. Gradient Investments LLC now owns 1,063 shares of the marijuana producer’s stock worth $29,000 after acquiring an additional 240 shares during the period. TCI Wealth Advisors Inc. increased its position in shares of Canopy Growth by 82.7% during the fourth quarter. TCI Wealth Advisors Inc. now owns 2,134 shares of the marijuana producer’s stock worth $57,000 after acquiring an additional 966 shares during the period. Mercer Capital Advisers Inc. purchased a new position in Canopy Growth in the fourth quarter valued at $83,000. Finally, G&S Capital LLC purchased a new position in Canopy Growth in the fourth quarter valued at $192,000. Institutional investors own 11.97% of the company’s stock.

Canopy Growth Company Profile

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.