Insider Selling: Canopy Growth (NASDAQ:CGC) Director Sells 10,451 Shares of Stock

Canopy Growth Corporation (NASDAQ:CGC) Director Willy Kruh sold 10,451 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $1.58, for a total value of $16,512.58. Following the completion of the transaction, the director directly owned 62,939 shares in the company, valued at $99,443.62. This trade represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Canopy Growth Stock Performance

Shares of NASDAQ:CGC opened at $1.38 on Thursday. The firm has a market capitalization of $330.99 million, a PE ratio of -0.46 and a beta of 0.71. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.07 and a quick ratio of 2.12. The business has a 50-day moving average of $1.35 and a two-hundred day moving average of $1.30. Canopy Growth Corporation has a 12 month low of $0.77 and a 12 month high of $5.80.

Canopy Growth (NASDAQ:CGC) last issued its earnings results on Friday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. Canopy Growth had a negative return on equity of 89.93% and a negative net margin of 155.76%.The business had revenue of $52.98 million during the quarter, compared to analysts’ expectations of $64.98 million. As a group, research analysts forecast that Canopy Growth Corporation will post -2.81 earnings per share for the current year.

Hedge Funds Weigh In On Canopy Growth

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boothbay Fund Management LLC acquired a new position in shares of Canopy Growth in the second quarter worth about $30,000. Wealth Enhancement Advisory Services LLC increased its holdings in Canopy Growth by 81.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after purchasing an additional 14,498 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Canopy Growth by 56.5% during the 1st quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock worth $47,000 after purchasing an additional 18,202 shares during the last quarter. Osaic Holdings Inc. increased its holdings in Canopy Growth by 77.6% during the 2nd quarter. Osaic Holdings Inc. now owns 75,335 shares of the company’s stock worth $92,000 after purchasing an additional 32,927 shares during the last quarter. Finally, TD Asset Management Inc grew its position in shares of Canopy Growth by 47.3% during the first quarter. TD Asset Management Inc now owns 112,721 shares of the company’s stock worth $104,000 after buying an additional 36,211 shares in the last quarter. 3.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised shares of Canopy Growth to a “hold” rating in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.