Canopy Growth (NASDAQ:CGC) Stock Price Up 15.4% – What’s Next?

Shares of Canopy Growth Corporation (NASDAQ:CGC) traded up 15.4% on Wednesday . The stock traded as high as $1.47 and last traded at $1.3150. 16,154,095 shares were traded during trading, an increase of 50% from the average session volume of 10,778,372 shares. The stock had previously closed at $1.14.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Canaccord Genuity Group assumed coverage on Canopy Growth in a research report on Friday, March 27th. They set a “buy” rating for the company. Wall Street Zen downgraded Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th. Alliance Global Partners reiterated a “neutral” rating on shares of Canopy Growth in a report on Saturday, February 7th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a report on Monday. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Canopy Growth currently has an average rating of “Hold”.

Canopy Growth Stock Up 20.6%

The firm’s fifty day moving average price is $1.06 and its 200-day moving average price is $1.18. The company has a market capitalization of $555.67 million, a price-to-earnings ratio of -1.05 and a beta of 0.60. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.34 and a quick ratio of 4.26.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, February 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The company had revenue of $90.39 million for the quarter, compared to analyst estimates of $70.96 million. Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%. Sell-side analysts expect that Canopy Growth Corporation will post -0.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bank of Montreal Can increased its holdings in Canopy Growth by 122.7% in the fourth quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock valued at $29,000 after purchasing an additional 135,970 shares during the period. Octavia Wealth Advisors LLC acquired a new stake in Canopy Growth in the fourth quarter valued at $30,000. Boothbay Fund Management LLC acquired a new stake in Canopy Growth in the second quarter valued at $30,000. Midwest Trust Co acquired a new stake in Canopy Growth in the third quarter valued at $31,000. Finally, PCG Wealth Advisors LLC acquired a new stake in Canopy Growth in the fourth quarter valued at $32,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Company Profile

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.