Canopy Growth (NASDAQ:CGC) Shares Up 16.5%

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

Wall Street Analyst Weigh In

CGC has been the subject of several analyst reports. Sanford C. Bernstein boosted their target price on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler cut their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a report on Monday, February 12th.

Canopy Growth Stock Performance

The company has a market capitalization of $718.86 million, a price-to-earnings ratio of -0.46 and a beta of 1.39. The firm has a fifty day simple moving average of $5.32 and a 200 day simple moving average of $5.44. 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 announced its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The business had revenue of $57.67 million for the quarter, compared to analysts’ expectations of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. On average, analysts anticipate that Canopy Growth Co. will post -6.14 earnings per share for the current fiscal year.

Institutional Trading of Canopy Growth

Institutional investors have recently modified their holdings of the stock. Invesco Ltd. lifted its stake in Canopy Growth by 87.5% in the 1st quarter. Invesco Ltd. now owns 86,140 shares of the company’s stock valued at $652,000 after buying an additional 40,197 shares in the last quarter. Frontier Wealth Management LLC lifted its position in shares of Canopy Growth by 47.2% in the first quarter. Frontier Wealth Management LLC now owns 33,982 shares of the company’s stock valued at $230,000 after acquiring an additional 10,900 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of Canopy Growth in the first quarter worth approximately $91,000. USS Investment Management Ltd purchased a new stake in shares of Canopy Growth during the first quarter worth approximately $1,193,000. Finally, Bridgewater Associates LP increased its position in shares of Canopy Growth by 31.3% during the first quarter. Bridgewater Associates LP now owns 41,368 shares of the company’s stock worth $314,000 after purchasing an additional 9,854 shares in the last quarter. 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.