Canopy Growth (NASDAQ:CGC) Shares Up 16.5%

Canopy Growth Co. (NASDAQ:CGC) was up 16.5% during trading on Thursday . The stock traded as high as $7.60 and last traded at $7.56. Approximately 4,203,761 shares were traded during trading, a decline of 56% from the average daily volume of 9,616,884 shares. The stock had previously closed at $6.49.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CGC shares. Sanford C. Bernstein raised their price objective on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st. Piper Sandler dropped their price target on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a research note on Monday, February 12th.

Canopy Growth Price Performance

The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96. The stock has a market cap of $718.86 million, a P/E ratio of -0.46 and a beta of 1.39. The firm has a 50 day moving average price of $5.32 and a 200 day moving average price of $5.44.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The firm had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. On average, analysts forecast that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Lord Abbett & CO. LLC purchased a new stake in Canopy Growth during the 3rd quarter valued at approximately $18,140,000. Vanguard Group Inc. grew its stake in Canopy Growth by 26.3% during the third quarter. Vanguard Group Inc. now owns 10,233,037 shares of the company’s stock valued at $27,936,000 after acquiring an additional 2,133,358 shares in the last quarter. Two Sigma Advisers LP increased its holdings in Canopy Growth by 148.4% in the 3rd quarter. Two Sigma Advisers LP now owns 2,874,400 shares of the company’s stock valued at $7,847,000 after acquiring an additional 1,717,300 shares during the last quarter. HRT Financial LP lifted its stake in Canopy Growth by 2,989.7% in the 1st quarter. HRT Financial LP now owns 1,036,372 shares of the company’s stock worth $1,813,000 after purchasing an additional 1,002,829 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Canopy Growth by 65.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,687,125 shares of the company’s stock valued at $654,000 after purchasing an additional 666,800 shares during the last quarter. Institutional investors own 3.33% of the company’s stock.

About Canopy Growth

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.