21.98 -0.15 (-0.68%)
Pre-market: 8:45AM EST
|Bid||22.00 x 800|
|Ask||21.98 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|
Here's what you may have missed on IBD Live this week amid strong earnings from companies like Nvidia, Alibaba, and Canopy Growth.
The IBD Live Team discusses Canopy Growth Corp on today's episode. The stock is up 18% today. Does this mean the marijuana industry could be getting ready for a comeback?
Canopy Growth's new CEO David Klein delivered first quarter results that topped expectations across the board as shares popped 15%.
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 email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, 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.
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?
Canopy Growth Corporation (CGC) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
In the latest trading session, Canopy Growth Corporation (CGC) closed at $22.33, marking a +1% move from the previous day.
Canopy Growth Corporation (CGC) closed at $24.56 in the latest trading session, marking a +1.82% move from the prior day.
Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until January 20, 2020 to file lead plaintiff applications in securities class action lawsuits against Canopy Growth Corporation (NYSE: CGC), if they purchased the Company’s securities between September 8, 2017 and November 13, 2019, inclusive (the "Class Period"). These actions are pending in the United States District Courts for the District of New Jersey and Southern District of New York.
Despite waning investor optimism in the cannabis space, AdvisorShares CEO Noah Hamman says 2020 could be a big year for the sector.
The business of growing cannabis is anything but green, in fact, the growing of pot is so power-intensive that its ecological footprint is quickly becoming an environmental nightmare
Called Keep, the desktop storage device features biometric security to secure cannabis products, and looks good while doing it. The CTA gave them an Innovations Award Nominee in October and then weeks later told the company they were unable to use the word "cannabis" when exhibiting. Vaporizers, cannabis and tobacco alike have long been found on the CES show floor.