Short Interest in Canopy Growth Co. (NASDAQ:CGC) Drops By 8.9%

Canopy Growth Co. (NASDAQ:CGC) saw a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 9,190,000 shares, a decline of 8.9% from the November 15th total of 10,090,000 shares. Based on an average daily volume of 5,370,000 shares, the days-to-cover ratio is currently 1.7 days. Currently, 9.1% of the shares of the stock are sold short.

Hedge Funds Weigh In On Canopy Growth

Large investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC increased its stake in Canopy Growth by 19.9% during the second quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company’s stock worth $358,000 after purchasing an additional 9,226 shares during the period. CIBC Asset Management Inc acquired a new stake in Canopy Growth in the second quarter valued at approximately $91,000. TD Asset Management Inc lifted its stake in Canopy Growth by 16.1% in the second quarter. TD Asset Management Inc now owns 74,758 shares of the company’s stock worth $483,000 after acquiring an additional 10,376 shares during the last quarter. Headlands Technologies LLC grew its holdings in Canopy Growth by 36,747.5% during the 2nd quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock worth $761,000 after acquiring an additional 117,592 shares in the last quarter. Finally, AdvisorShares Investments LLC increased its position in shares of Canopy Growth by 86.7% in the 2nd quarter. AdvisorShares Investments LLC now owns 68,922 shares of the company’s stock valued at $440,000 after purchasing an additional 32,000 shares during the last quarter. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Trading Down 1.6 %

NASDAQ:CGC traded down $0.05 during trading hours on Monday, hitting $3.06. The company had a trading volume of 3,561,634 shares, compared to its average volume of 7,477,750. Canopy Growth has a 1 year low of $2.76 and a 1 year high of $14.92. The company has a current ratio of 1.39, a quick ratio of 1.07 and a debt-to-equity ratio of 0.82. The company has a 50-day moving average of $4.18 and a 200 day moving average of $5.54. The company has a market cap of $333.36 million, a P/E ratio of -0.63 and a beta of 0.83.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.