Canopy Growth (NASDAQ:CGC) Sees Strong Trading Volume

Shares of Canopy Growth Co. (NASDAQ:CGC) saw unusually-strong trading volume on Friday . Approximately 7,000,858 shares traded hands during mid-day trading, a decline of 28% from the previous session’s volume of 9,755,726 shares.The stock last traded at $7.72 and had previously closed at $7.83.

Analyst Upgrades and Downgrades

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

Canopy Growth Stock Performance

The stock’s 50 day simple moving average is $5.40 and its two-hundred day simple moving average is $5.46. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40. The stock has a market cap of $736.17 million, a P/E ratio of -0.52 and a beta of 1.39.

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

Hedge Funds Weigh In On Canopy Growth

A number of large investors have recently bought and sold shares of the company. Founders Financial Securities LLC grew its holdings in shares of Canopy Growth by 112.3% in the 3rd quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock valued at $26,000 after acquiring an additional 17,500 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Canopy Growth by 144.2% in the second quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock valued at $26,000 after purchasing an additional 39,861 shares in the last quarter. First Republic Investment Management Inc. acquired a new position in shares of Canopy Growth during the 2nd quarter worth approximately $31,000. Vanguard Personalized Indexing Management LLC boosted its position in shares of Canopy Growth by 197.5% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after acquiring an additional 28,666 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in Canopy Growth in the 1st quarter worth about $37,000. Institutional investors and hedge funds 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.