Canopy Growth (NASDAQ:CGC) Sees Large Volume Increase

Canopy Growth Co. (NASDAQ:CGC) shares saw strong trading volume on Tuesday . 33,300,195 shares were traded during mid-day trading, an increase of 232% from the previous session’s volume of 10,044,946 shares.The stock last traded at $11.57 and had previously closed at $8.32.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CGC. Sanford C. Bernstein raised their price objective on Canopy Growth to $5.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler lowered their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a research note on Monday, February 12th.

Canopy Growth Price Performance

The company has a current ratio of 1.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -0.63 and a beta of 1.37. The company has a 50 day moving average price of $6.07 and a 200 day moving average price of $5.51.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. The firm had revenue of $57.67 million during the quarter, compared to analyst estimates of $53.25 million. As a group, equities research analysts forecast that Canopy Growth Co. will post -6.14 earnings per share for the current year.

Institutional Trading of Canopy Growth

Several institutional investors have recently added to or reduced their stakes in CGC. Lord Abbett & CO. LLC purchased a new position in shares of Canopy Growth during the 3rd quarter valued at $18,140,000. Commonwealth Equity Services LLC boosted its holdings in shares of Canopy Growth by 83.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock worth $426,000 after purchasing an additional 247,407 shares in the last quarter. TD Asset Management Inc increased its position in shares of Canopy Growth by 26.2% during the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock valued at $298,000 after purchasing an additional 79,639 shares during the last quarter. FinTrust Capital Advisors LLC raised its holdings in shares of Canopy Growth by 89.2% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company’s stock valued at $91,000 after buying an additional 55,000 shares in the last quarter. Finally, Genesee Capital Advisors LLC purchased a new stake in Canopy Growth in the third quarter worth approximately $40,000. 3.33% of the stock is currently owned by 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.