|Bid||22.24 x 800|
|Ask||22.30 x 800|
|Day's Range||21.72 - 23.90|
|52 Week Range||13.81 - 52.74|
|Beta (5Y Monthly)||3.90|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
A strong week for cannabis closed with surprising quarterly results from Canopy Growth Corporation (NYSE: CGC ) (TSX: WEED) Friday, with fiscal third-quarter net revenue of CA$123.8 million ($93.5 million), ...
The largest Canadian marijuana companies have less than a year’s worth of cash left on average, according to a new study.
Canopy Growth stock roared higher Friday and sparked a broad rally among cannabis stocks, after a better-than-expected earnings report bolstered sentiment on the beaten-down sector.
Canopy Growth Corp. reported earnings early Friday that gave investors a few reasons to cheer: In short, it wasn’t a total disaster.
Canopy Growth's new CEO David Klein delivered first quarter results that topped expectations across the board as shares popped 15%.
Canopy Growth, Canada's most valuable pot company, crushed fiscal Q3 views Friday. Canopy Growth led a rally in marijuana stocks.
If one simply opened up their investing app or glanced at a financial news summary for Friday, it would look like a quiet session in the stock market today.The S&P 500 was up less than 0.02%, in what appeared to be a sleepy trading session ahead of a three-day holiday weekend. However, it was a much different mood under the surface. With several large earnings movers, there were plenty of debates to be had on Friday. Earnings RoundupIt has been a long time coming, but Nvidia (NASDAQ:NVDA) shares are finally hitting new all-time highs. Advanced Micro Devices (NASDAQ:AMD), the Nasdaq and big tech have been doing it for months now, but Nvidia hadn't made a new high since October 2018.InvestorPlace - Stock Market News, Stock Advice & Trading TipsPatient investors are finally being rewarded. Nvidia beat on earnings and revenue expectations, and even after accounting for a $100 million revenue hit in fiscal Q1, the midpoint of management's sales outlook still topped expectations. Nvidia's charts have momentum, and so too does it business.The company is already seeing a multitude of price target hikes following the report (with 14 calls at $300 or higher on Friday alone). The highest came from RBC and Merrill Lynch, with both targets at $350. * 15 Stocks to Buy Based On The 2020 U.S. Presidential Election Roku (NASDAQ:ROKU) was a different story. The company beat on earnings and revenue expectations, as the streaming theme continues to drive growth. Apple (NASDAQ:AAPL) and Disney (NASDAQ:DIS) launching new platforms didn't hurt, either.Guidance was solid, but management is foregoing profits at the moment and chasing growth. While long-term investors seem okay with the plan, short-term investors and analysts are bemoaning the lower-than-expected EBITDA outlook. While shares gapped north of $150 in morning trading, the stock reversed and declined notably lower on the day, down about 7% ahead of the close.Then there's Canopy Growth (NYSE:CGC). The stock is ripping more than 15% after better-than-expected fiscal third-quarter results. A loss of 35 cents CAD per share beat estimates by 14 cents, while revenue of 123.76 million CAD grew 49% year-over-year and beat estimates by almost 19 million CAD.Both Roku and Canopy Growth made our Top Stock Trades column on Friday. Movers in the Stock Market TodayA plethora of 13F filings should be rolling in soon, but we've got a look at Dan Loeb's Third Point holdings. The firm took new positions in Amazon (NASDAQ:AMZN) and Ferrari (NYSE:RACE), as well as Charles Schwab (NYSE:SCHW) and TD Ameritrade (NASDAQ:AMTD), which are in a takeover deal.Also noteworthy, Loeb's fund exited Microsoft (NASDAQ:MSFT) and PayPal (NASDAQ:PYPL), among others.Video games sales just can't catch a break. Sales experienced a year-over-year decline for the sixth straight month, falling 26% in January. Hardware sales struggled too, falling 35% to $129 million, while software dropped more than 30% to $311 million.Activision Blizzard's (NASDAQ:ATVI) Call of Duty: Modern Warfare came in at No. 2, following Dragon Ball Z: Kakarot as No. 1. Electronic Arts' (NASDAQ:EA) Madden 20 and Star Wars Jedi: Fallen Order came in at No. 3 and No. 4, respectively.SmileDirectClub (NASDAQ:SDC) plunged more than 15% following an NBC news report highlighting some customers' problems with the company's dental aligners. It has faced negative press in the past, drawing on some members of Congress to request an investigation about potential misleading customers.The company has since pushed back on the report, but it doesn't matter. Shares are getting whacked as a result.Whoops. Bernstein analysts previously estimated that Beyond Meat (NYSE:BYND) could generate $168 million in sales with a McDonald's (NASDAQ:MCD) partnership. After crunching some more numbers though, they took that sales figure up to a range of $227 million to $306 million.As a result, they raised their price target to $117 from $106, while Beyond Meat stock climbed more than 3.5% on the day.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long NVDA and ROKU. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Exciting Stocks to Buy for Aggressive Investors * 20 Stocks to Buy From the Law of Accelerating Returns * 7 U.S. Stocks to Buy on Coronavirus Weakness The post Stock Market Today: Nvidia Rips, Roku DipsÂ appeared first on InvestorPlace.
Should investors buy Canopy Growth stock after its strong earnings, or is it still too early to tell if marijuana stocks are ready for a comeback?
Friday marked a quiet day for the indices, but a loud day for earnings. That said, let's look at a few top stock trades as we head into the long holiday weekend. Top Stock Trades for Tuesday No. 1: Roku (ROKU) Click to Enlarge Source: Chart courtesy of StockCharts.comMan, did the trade in Roku (NASDAQ:ROKU) work out well or what? After better-than-expected earnings, Roku shares gapped up into $150 resistance and have since sold off. The stock has given up all of its post-earnings gains, and then some.As it declines now, it's running into the backside of prior downtrend resistance (blue line). If it holds, look for an eventual rebound back up to $150 -- although Friday's action is quite discouraging for the bulls.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBelow prior downtrend resistance puts the $117 to $122 area on watch, and if we get a dip into that zone, it may be an opportunity. Overall, this was a quality earnings report, and full-year guidance was solid. I would be a buyer on a dip to this level, although I acknowledge momentum has not been on Roku's side lately -- and that $100 to $110 could be on the table should this support level give way. Top Stock Trades for Tuesday No. 2: Canopy Growth (CGC) Click to Enlarge Source: Chart courtesy of StockCharts.comBetter-than-expected earnings didn't result in the same price action for Canopy Growth (NYSE:CGC). Instead, shares are rallying more than 15% at the moment, even though the chart looks rather "blah."However, don't let Friday's modest-looking candle fool you. CGC stock avoided breaking below critical $17.50 support, while reclaiming its 50-day and 100-day moving averages. Those marks, along with the recent February lows, are now critical support points on the chart. Below them, and $17.50 is back on the table.On the upside, let's see if CGC can again challenge the $25 level. Above puts the declining 200-day moving average on the table. Top Stock Trades for Tuesday No. 3: Virgin Galactic (SPCE) Click to Enlarge Source: Chart courtesy of StockCharts.comI flagged Virgin Galactic (NYSE:SPCE) back in late December when shares were looking to break out over $12. Now hitting $28 on Friday, this one has made a killer move to the upside.I have not wanted to fight this one, simply because these types of big moves are possible. Those who have missed out, but want to try a long in SPCE, may find some luck by waiting for a test-and-hold of the 10-day moving average. That's been support since the January breakout.Below puts short-term uptrend support (blue line) on the table, followed by $20 -- a key breakout mark earlier this month. Above Friday's high, though, and $30-plus is on the table. Top Stock Trades for Tuesday No. 4: Yeti (YETI) Click to Enlarge Source: Chart courtesy of StockCharts.comYeti (NYSE:YETI) stock is down 5% after disappointing earnings, as the breakout earlier this month failed to gain traction. We highlighted this setup, but emphasized that if shares broke below the breakout mark near $37, then traders need to cut ties with it and stop out.Now down to $32.50, that discipline is paying off. Aggressive bulls may consider Yeti stock a buy now. The 100-day moving average is buoying the share price, while uptrend support (blue line) has been in play for months now.A bounce puts the 50-day moving average back on the table, and a move above that puts $36 to $37 resistance on the table. Below the 100-day moving average and uptrend support, however, and the 200-day moving average is possible.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long ROKU. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Exciting Stocks to Buy for Aggressive Investors * 20 Stocks to Buy From the Law of Accelerating Returns * 7 U.S. Stocks to Buy on Coronavirus Weakness The post 4 Top Stock Trades for Tuesday:Â ROKU, CGC, SPCE, YETI appeared first on InvestorPlace.
The company, which reported a smaller-than-expected third-quarter loss on Friday, is conducting a "thorough strategic review" of its production facilities as it seeks to cut costs and become profitable, executives said. More than a year after Canada legalized recreational marijuana, producers are scrambling to turn a profit as lower-than-expected demand and exuberant expansion hit sales and lift costs, while a cash crunch threatens many companies' survival.
(Bloomberg) -- Canopy Growth Corp. jumped as much as 25%, the biggest gain since 2018, after the world’s largest cannabis company reported quarterly results that beat expectations across the board.Canopy posted a 62% quarter-over-quarter jump in net revenue to C$123.8 million, which was well ahead of the consensus estimate of C$105.4 million. Cannabis gross revenue rose 8%, and Canopy said it took top market share in the quarter ended Dec. 31, capturing 22% of Canada’s recreational pot sales.Its adjusted Ebitda loss of C$91.7 million was C$64 million narrower than the previous quarter, and beat the average analyst estimate of a C$110 million loss.The results, which set a very different tone than Aurora Cannabis Inc.’s earnings Thursday, sent cannabis stocks higher Friday morning. Tilray Inc. gained 11%, Aphria Inc. rose 9.5% and Cronos Group Inc. added 9.8%.Canopy cut its operating expenses by 14% in the quarter, boosting its gross margin to 34% from negative 13% in the previous quarter.“We delivered significant gross improvement in the third quarter driven by stronger revenues and higher capacity utilization,” Chief Financial Officer Mike Lee said in a statement. “Actions taken earlier this year are expected to meaningfully reduce stock-based compensation in FY21, and we have started to implement tighter cost controls across the organization.” He added that further cost-cutting measures are planned.Speaking on an analyst call Friday morning, Lee said he expects revenue to increase “modestly” in the current quarter and reiterated that the company is committed to delivering 40% gross margins in the near term.The company is reviewing its production footprint to ensure its supply is aligned with demand, and will consider shutting down facilities as part of a broader review of costs, said Chief Executive Officer David Klein, who joined the company from Constellation Brands Inc. a month ago.“Clearly we have to do a better job managing inventory and overall working capital, we have to slow our capex spend, we will pull back on the M&A activity that the business has been doing and we need to do a better job with our P&L, so literally we need to work across every line item,” Klein said.Bill Kirk, analyst at MKM Partners, called the Ebitda beat “surprising” given the costs associated with preparing for the rollout of newly legal products in Canada, including beverages, edibles and vapes.“We had expected only small improvements from the prior quarter, but Canopy is showing a meaningful progression,” Kirk wrote in a note. “That said, the path to profitability still remains very unclear.”(Adds comments from analyst call in paragraphs 7-9)To contact the reporter on this story: Kristine Owram in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Will Daley, Steven FrommFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Benzinga's PreMarket Prep airs every morning from 8-9:00 a.m. EST. During that fast-paced highly informative hour, traders and investors tune in to get the major news of the day, the catalysts behind those moves and the corresponding price action for the upcoming session. Every stock needs a catalyst to make a move higher and the most powerful catalyst by far is the results of its earnings reports.
Bellator Asset Management Advisory Board Member Ian Winer appeared on Benzinga’s PreMarket Prep Friday, offering an explanation as to why U.S. stocks are largely not reacting to concerns around the globe of the coronavirus in China. “As long as rates stay low and you’ve got the ability for the Fed to continue to expand valuations by propping up assets, you’re in a situation where unless you think the world is going to end, which I don’t, what’s going to happen is what always happens with these things," Winer said on the show. Co-Host Dennis Dick agreed, citing companies like Nike Inc (NYSE: NKE), Alibaba (NYSE: BABA) and others whose warnings about revenue losses have been shrugged off by investors.
St. Valentine came bearing gifts for Canopy Growth Corporation (NYSE: CGC)(TSX:WEED) shareholders, as the stock traded up following strong results for the third-quarter of fiscal 2020. Tim Seymour, portfolio manager of the Amplify Seymour Cannabis ETF (NYSE: CNBS) and co-host of CNBC’s “Fast Money,” has been bullish on Canopy for a while.
Amid concerns in the cannabis industry about high spending and disappointing sales, (WEED)’s December quarter earnings were good enough to push the stock more than 18% in trading Friday. Canopy (ticker: CGC) reported a fiscal third-quarter net loss of 26 cents per share Friday morning, beating consensus estimates of 39 cents a share, according to FactSet. David Klein, who today hit the one month mark as chief executive, said the company executed across Canada, in international markets, and strategic acquisitions to drive the revenue growth.
U.S. stock benchmarks Friday morning were edging slightly higher and looking to maintain strong weekly gains as investors weighed positioning heading into the weekend, amid the continuing spread of COVID-19, the illness derived from the novel coronavirus that reportedly originated in Wuhan, China last year. The Dow Jones Industrial Average traded 18 points, or 0.1%, lower at 29,403, the S&P 500 index gained 0.1% at 3,3766, while the Nasdaq Composite Index climbed 0.2% at 9,727. For the week, the Dow and S&P 500 were on track for a weekly gain of at least 1%, while the Nasdaq was on pace for a gain of more than 2% over the period. China's National Health Commission reported 5,090 new confirmed cases in mainland China, bringing the total to 63,851. The number of new cases jumped sharply on Thursday after a change in the government's counting method. In economic news, retail sales rose 0.3% in January, the government said, matching the MarketWatch consensus forecast. Import prices rose 0.2% during the month, according to a separate government report, and have gained 0.3% in the past 12 months, while industrial production fell 0.3% in January, marking the fourth decline in the past five months. In company news, Canopy Growth Corp.'s U.S.-listed stock surged Friday after reporting a narrower-than-expected fiscal third-quarter loss.
Benzinga Pro's Stocks To Watch For Friday Tesla (TSLA) - The stock was down 2.6% to under the $800 level following the pricing of the company's 2.65 million share common stock offering at $767/share. ...
Shares of Canopy Growth jumped 20% Friday to $23.70 after the Canadian cannabis company reported a narrower-than-expected fiscal third-quarter loss as revenue topped analysts' estimates. "In Q3 we executed across Canada, in our international markets and in our strategic acquisitions to drive revenue growth," said David Klein, the company's new CEO. Canopy Growth said that it is the market leader in Canada's recreational cannabis market with an estimated 22% share driven by demand for both premium and value-priced dried flower and pre-rolled joints.
Canopy Growth Corporation (CGC) delivered earnings and revenue surprises of 25.00% and 18.90%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
U.S.-listed shares of Canadian cannabis companies rallied in premarket trade Friday, after a better-than-expected earnings report from market leader Canopy Growth Corp. bolstered hopes for the beaten-down sector. Canopy reported a narrower-than-expected fiscal third-quarter loss and revenue that rose above forecasts, amid strength in business-to-consumer sales. The report comes a day after Aurora Cannabis reported a more than C$1 billion loss for its latest quarter. MKM analyst Bill Kirk said Canopy's report was a beacon of hope for the sector and should boost sentiment. "We had expected only small improvements from the prior quarter, but Canopy is showing a meaningful progression," Kirk wrote in a note to clients. Still, the path to profitability remains unclear and Kirk is waiting for the earnings call for details on Cannabis 2.0, the second phase of Canadian legalization that allows derivatives, including edibles and beverages. "We doubt early 2.0 sales will be a significant contributor given the lack of activity observed at production facilities two weeks before 2.0 legalization," he wrote. "We continue to rate WEED shares Neutral." Canopy's U.S.-listed shares rose 18% premarket. Aurora was up 7%, Cronos rose 6%, Tilray was up 7%, Aphria was up 8% and Organigram was up 6%. The ETFMG Alternative Harvest ETF has fallen 54% in the last 12 months, while the S&P 500 has gained 23%.