Canopy Growth (NASDAQ:CGC) Trading Up 5.6%

Canopy Growth Co. (NASDAQ:CGC) shares traded up 5.6% during mid-day trading on Monday . The company traded as high as $7.83 and last traded at $7.53. 1,175,794 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 9,529,081 shares. The stock had previously closed at $7.13.

Analyst Ratings Changes

A number of equities research analysts have commented on CGC shares. Atb Cap Markets upgraded shares of Canopy Growth to a “hold” rating in a research note on Monday, June 17th. Piper Sandler lowered their price objective on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, July 9th.

Canopy Growth Stock Performance

The company has a current ratio of 1.58, a quick ratio of 1.25 and a debt-to-equity ratio of 0.99. The firm has a fifty day moving average price of $7.71 and a 200 day moving average price of $6.54. The firm has a market cap of $625.82 million, a PE ratio of -1.17 and a beta of 0.93.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.05. Canopy Growth had a negative return on equity of 62.67% and a negative net margin of 185.77%. The company had revenue of $53.99 million during the quarter, compared to the consensus estimate of $52.71 million. As a group, equities research analysts expect that Canopy Growth Co. will post -1.07 earnings per share for the current fiscal year.

Insider Transactions at Canopy Growth

In other Canopy Growth news, Director Willy Kruh sold 3,738 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $9.94, for a total value of $37,155.72. Following the sale, the director now owns 17,295 shares of the company’s stock, valued at $171,912.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 7,545 shares of company stock worth $67,997 over the last 90 days. 0.35% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Canopy Growth

A number of large investors have recently modified their holdings of the company. Tidal Investments LLC acquired a new stake in Canopy Growth during the 1st quarter valued at approximately $21,718,000. Murchinson Ltd. bought a new stake in Canopy Growth during the 1st quarter valued at $13,149,000. SG Americas Securities LLC bought a new stake in Canopy Growth during the 1st quarter valued at $740,000. Baader Bank Aktiengesellschaft increased its position in shares of Canopy Growth by 137.3% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 135,275 shares of the company’s stock valued at $873,000 after purchasing an additional 78,275 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Canopy Growth in the 1st quarter worth $544,000. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.