Canopy Growth (NASDAQ:CGC) Shares Gap Up to $6.37

Shares of Canopy Growth Co. (NASDAQ:CGC) gapped up prior to trading on Monday . The stock had previously closed at $6.37, but opened at $6.54. Canopy Growth shares last traded at $6.55, with a volume of 127,404 shares changing hands.

Analyst Ratings Changes

Several research firms have weighed in on CGC. Piper Sandler decreased their price target on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th. Atb Cap Markets upgraded Canopy Growth to a “hold” rating in a research report on Monday, June 17th.

Canopy Growth Stock Up 1.9 %

The business has a 50-day moving average price of $6.99 and a 200 day moving average price of $6.80. The company has a current ratio of 1.58, a quick ratio of 1.25 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $550.74 million, a P/E ratio of -1.00 and a beta of 0.93.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.05. Canopy Growth had a negative net margin of 185.77% and a negative return on equity of 62.67%. The business had revenue of $53.99 million for the quarter, compared to the consensus estimate of $52.71 million. On average, equities analysts expect that Canopy Growth Co. will post -1.07 EPS for the current fiscal year.

Insider Transactions at Canopy Growth

In related news, Director Willy Kruh sold 3,738 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $9.94, for a total transaction of $37,155.72. Following the completion of the transaction, the director now owns 17,295 shares in the company, valued at approximately $171,912.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders sold 7,545 shares of company stock valued at $67,997. Corporate insiders own 0.35% of the company’s stock.

Institutional Trading of Canopy Growth

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. AdvisorShares Investments LLC boosted its holdings in shares of Canopy Growth by 86.7% in the 2nd quarter. AdvisorShares Investments LLC now owns 68,922 shares of the company’s stock valued at $440,000 after acquiring an additional 32,000 shares during the last quarter. Headlands Technologies LLC raised its stake in shares of Canopy Growth by 36,747.5% during the 2nd quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock valued at $761,000 after buying an additional 117,592 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Canopy Growth by 16.1% in the second quarter. TD Asset Management Inc now owns 74,758 shares of the company’s stock worth $483,000 after buying an additional 10,376 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in Canopy Growth during the second quarter worth about $91,000. Finally, Commonwealth Equity Services LLC raised its position in Canopy Growth by 19.9% during the second quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company’s stock valued at $358,000 after acquiring an additional 9,226 shares in the last quarter. Institutional investors and hedge funds own 3.33% of the company’s stock.

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.