Canopy Growth (NASDAQ:CGC) Trading Up 10.5%

Canopy Growth Co. (NASDAQ:CGC) shares rose 10.5% during mid-day trading on Thursday . The stock traded as high as $10.18 and last traded at $9.98. Approximately 14,459,749 shares changed hands during mid-day trading, an increase of 25% from the average daily volume of 11,582,727 shares. The stock had previously closed at $9.03.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CGC. Piper Sandler lowered their target price 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. Sanford C. Bernstein upped their target price on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st.

Canopy Growth Price Performance

The company has a market cap of $998.92 million, a price-to-earnings ratio of -0.64 and a beta of 1.10. The stock has a 50 day simple moving average of $7.09 and a two-hundred day simple moving average of $5.73. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40.

Canopy Growth (NASDAQ:CGC) last posted its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. On average, equities research analysts predict that Canopy Growth Co. will post -6.14 earnings per share for the current fiscal year.

Institutional Trading of Canopy Growth

A number of institutional investors and hedge funds have recently bought and sold shares of CGC. Lord Abbett & CO. LLC purchased a new stake in Canopy Growth during the 3rd quarter worth approximately $18,140,000. Commonwealth Equity Services LLC raised its stake in shares of Canopy Growth by 83.3% in the third quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock valued at $426,000 after acquiring an additional 247,407 shares in the last quarter. SG Americas Securities LLC purchased a new position in Canopy Growth in the first quarter valued at $740,000. TD Asset Management Inc grew its stake in Canopy Growth by 26.2% during the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock worth $298,000 after purchasing an additional 79,639 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in Canopy Growth by 30.7% during the 3rd quarter. Mackenzie Financial Corp now owns 173,330 shares of the company’s stock worth $136,000 after purchasing an additional 40,675 shares during the period. 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.