Canopy Growth (NASDAQ:CGC) Insider Thomas Carlton Stewart Sells 25,755 Shares

Canopy Growth Corporation (NASDAQ:CGC) insider Thomas Stewart sold 25,755 shares of the firm’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $0.93, for a total transaction of $23,952.15. Following the completion of the sale, the insider owned 588,412 shares in the company, valued at $547,223.16. This represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Thomas Carlton Stewart also recently made the following trade(s):

• On Monday, August 24th, Thomas Stewart sold 2,231 shares of Canopy Growth stock. The stock was sold at an average price of $1.47, for a total transaction of $3,279.57.

Canopy Growth Stock Up 2.6%

Shares of CGC opened at $0.94 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.39 and a current ratio of 3.04. The company has a 50-day simple moving average of $0.96 and a 200-day simple moving average of $1.01. Canopy Growth Corporation has a 52 week low of $0.84 and a 52 week high of $2.38. The firm has a market capitalization of $421.94 million, a P/E ratio of -2.09 and a beta of 0.83.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. The firm had revenue of $142.62 million for the quarter, compared to analyst estimates of $58.21 million. Canopy Growth had a negative return on equity of 21.91% and a negative net margin of 65.33%. On average, equities research analysts expect that Canopy Growth Corporation will post -0.1 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on CGC shares. Weiss Ratings lowered Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday. Wall Street Zen lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Hedge Funds Weigh In On Canopy Growth

Hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its holdings in shares of Canopy Growth by 723.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after buying an additional 4,037,281 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Canopy Growth by 19,571.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after buying an additional 2,011,917 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Canopy Growth during the 1st quarter worth $1,716,000. Royal Bank of Canada raised its stake in Canopy Growth by 1,115.6% during the 1st quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock worth $927,000 after buying an additional 895,680 shares during the period. Finally, Foundations Investment Advisors LLC bought a new position in Canopy Growth during the fourth quarter worth about $485,000. 3.33% of the stock is owned by institutional investors and hedge funds.

About Canopy Growth

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and has developed a portfolio of cannabis brands serving both adult-use and medical markets.

Canopy Growth’s products include dried cannabis flower, pre-rolls, cannabis oils, softgels, edibles, beverages and vaporization products. Its brand portfolio has included Tweed, 7ACRES, Doja, Deep Space and other cannabis brands, as well as Storz & Bickel vaporization products.