Canopy Growth (CGC) has announced that it will be transferring its U.S. stock exchange listing from NYSE to Nasdaq on November 13, 2020 after market close.
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Common shares of Canopy Growth are expected to begin trading as a Nasdaq-listed security on November 16, 2020, under the same symbol “CGC”.
“By making the move over to Nasdaq, we are joining some of the world’s leading companies that share our passion and focus for innovation,” explained David Klein, Canopy Growth CEO.
“Making the transition to Nasdaq also provides us with greater cost-effectiveness and access to a suite of tools and services that will help us connect more efficiently with our current and future investors” he added.
Shares in the Canadian cannabis company are currently trading down 3% year-to-date, and analysts have a relatively cautious perspective on the stock’s outlook.
Six hold ratings and 2 buy ratings add up to a Moderate Buy Street consensus, while the average analyst price target indicates downside potential of 11% lies ahead.
Recently, Cantor Fitzgerald analyst Pablo Zuanic reiterated his Hold rating for Canopy and increased his price target to $20.93 from $20.56. The analyst noted that like its rival Aurora Cannabis, Canopy is also significantly dependent on the flower value segment rather than higher-margin products. As a result, both companies are adversely impacted by price deflation, even at the low end of the price scale.
However, Zuanic feels that Canopy has much more financial flexibility than Aurora and can afford to take more risks. He sees “near-term upside” for Canopy shares based on encouraging market data and expects 24% sequential sales growth for Canopy in 2Q FY21, which is over three times the 7% consensus analyst estimate. (See CGC stock analysis on TipRanks).
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