Canopy Growth Sees Unusually Large Options Volume (CGC)

Canopy Growth Corp (NYSE:CGC) was the recipient of some unusual options trading activity on Wednesday. Traders bought 10,852 put options on the company. This represents an increase of approximately 900% compared to the typical daily volume of 1,085 put options.

A number of institutional investors have recently modified their holdings of CGC. JW Asset Management LLC bought a new position in Canopy Growth during the second quarter valued at approximately $37,819,000. Morgan Stanley bought a new position in Canopy Growth during the second quarter valued at approximately $35,365,000. TD Asset Management Inc. bought a new position in Canopy Growth during the second quarter valued at approximately $19,252,000. Indus Capital Partners LLC bought a new position in Canopy Growth during the second quarter valued at approximately $19,226,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Canopy Growth during the second quarter valued at approximately $15,726,000. Institutional investors own 1.40% of the company’s stock.

CGC has been the topic of a number of recent analyst reports. Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a report on Thursday. ValuEngine upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd.

Shares of Canopy Growth stock opened at $30.92 on Friday. The company has a market cap of $6.23 billion, a P/E ratio of -99.03 and a beta of 1.87. Canopy Growth has a twelve month low of $6.64 and a twelve month high of $36.55. The company has a debt-to-equity ratio of 0.01, a quick ratio of 9.10 and a current ratio of 12.80.

Canopy Growth (NYSE:CGC) last issued its quarterly earnings data on Wednesday, June 27th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.23). The company had revenue of $22.80 million for the quarter, compared to the consensus estimate of $24.19 million. Canopy Growth had a negative net margin of 84.88% and a negative return on equity of 7.79%. The business’s revenue for the quarter was up 55.1% compared to the same quarter last year. research analysts anticipate that Canopy Growth will post -0.18 earnings per share for the current fiscal year.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.

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