Investors Purchase High Volume of Canopy Growth Call Options (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) saw some unusual options trading activity on Monday. Investors purchased 35,647 call options on the company. This is an increase of approximately 70% compared to the typical volume of 21,020 call options.

Analyst Ratings Changes

A number of brokerages have issued reports on CGC. Piper Sandler decreased their target price 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 raised Canopy Growth to a “hold” rating in a research report on Monday, June 17th.

Institutional Investors Weigh In On Canopy Growth

Several institutional investors and hedge funds have recently added to or reduced their stakes in CGC. Concurrent Investment Advisors LLC acquired a new stake in shares of Canopy Growth in the 1st quarter valued at approximately $289,000. SG Americas Securities LLC acquired a new stake in Canopy Growth in the first quarter valued at approximately $740,000. Baader Bank Aktiengesellschaft boosted its position in Canopy Growth by 137.3% in the second quarter. Baader Bank Aktiengesellschaft now owns 135,275 shares of the company’s stock valued at $873,000 after buying an additional 78,275 shares in the last quarter. Headlands Technologies LLC grew its stake in shares of Canopy Growth by 36,747.5% during the second quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock worth $761,000 after buying an additional 117,592 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Canopy Growth during the first quarter worth $475,000. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Trading Down 8.5 %

CGC opened at $4.41 on Wednesday. The stock has a market capitalization of $387.51 million, a price-to-earnings ratio of -0.69 and a beta of 0.87. The company has a quick ratio of 1.64, a current ratio of 2.15 and a debt-to-equity ratio of 1.05. Canopy Growth has a twelve month low of $2.76 and a twelve month high of $14.92. The company has a 50-day simple moving average of $5.74 and a 200 day simple moving average of $7.23.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.06). The firm had revenue of $48.39 million for the quarter, compared to the consensus estimate of $51.82 million. Canopy Growth had a negative return on equity of 73.30% and a negative net margin of 240.19%. Analysts predict that Canopy Growth will post -1.42 EPS for the current fiscal year.

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.