Canopy Growth (NASDAQ:CGC) Trading 17.1% Higher

Canopy Growth Co. (NASDAQ:CGC)’s share price rose 17.1% on Friday . The stock traded as high as $10.24 and last traded at $10.19. Approximately 4,441,108 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 9,628,395 shares. The stock had previously closed at $8.70.

Wall Street Analysts Forecast Growth

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

Canopy Growth Stock Performance

The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $893.05 million, a PE ratio of -0.66 and a beta of 1.39. The firm has a 50-day moving average price of $5.88 and a 200 day moving average price of $5.50.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The firm 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%. Research analysts expect that Canopy Growth Co. will post -6.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Founders Financial Securities LLC increased its holdings in Canopy Growth by 112.3% during the 3rd quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock worth $26,000 after purchasing an additional 17,500 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in shares of Canopy Growth by 197.5% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock worth $34,000 after buying an additional 28,666 shares in the last quarter. Sycomore Asset Management purchased a new stake in shares of Canopy Growth during the third quarter worth approximately $39,000. Redmont Wealth Advisors LLC purchased a new position in Canopy Growth in the third quarter worth approximately $39,000. Finally, Genesee Capital Advisors LLC purchased a new stake in shares of Canopy Growth in the 3rd quarter valued at approximately $40,000. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

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.