Canopy Growth (NASDAQ:CGC) Sees Large Volume Increase

Shares of Canopy Growth Co. (NASDAQ:CGC) saw strong trading volume on Friday . 7,000,858 shares traded hands during 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

Several analysts have recently weighed in on the company. Sanford C. Bernstein upped their price objective on Canopy Growth to $5.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st. Piper Sandler cut their price target 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 Price Performance

The stock has a 50 day moving average of $5.40 and a two-hundred day moving average of $5.46. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79. The stock has a market cap of $736.17 million, a PE ratio of -0.52 and a beta of 1.39.

Canopy Growth (NASDAQ:CGC) last released its quarterly 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). Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. The firm had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. Equities analysts anticipate that Canopy Growth Co. will post -6.14 EPS for the current year.

Institutional Trading of Canopy Growth

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Canopy Growth by 197.5% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after buying an additional 28,666 shares during the period. Commonwealth Equity Services LLC boosted its position in Canopy Growth by 83.3% during the third quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock valued at $426,000 after purchasing an additional 247,407 shares during the last quarter. TD Asset Management Inc grew its stake in Canopy Growth by 26.2% in the third quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock valued at $298,000 after purchasing an additional 79,639 shares in the last quarter. Mackenzie Financial Corp increased its position in Canopy Growth by 30.7% in 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 last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of Canopy Growth during the 3rd quarter worth about $18,140,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

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.