Canopy Growth Co. (NASDAQ:CGC) Sees Large Increase in Short Interest

Canopy Growth Co. (NASDAQ:CGC) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 9,230,000 shares, a growth of 16.0% from the September 30th total of 7,960,000 shares. Currently, 11.0% of the company’s shares are short sold. Based on an average daily volume of 3,740,000 shares, the short-interest ratio is currently 2.5 days.

Canopy Growth Price Performance

Shares of CGC stock traded down $0.38 during mid-day trading on Wednesday, hitting $4.87. 5,730,668 shares of the stock were exchanged, compared to its average volume of 7,713,226. The firm has a fifty day moving average of $4.81 and a 200 day moving average of $6.77. 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 52-week low of $2.76 and a 52-week high of $14.92. The company has a market cap of $457.12 million, a PE ratio of -0.74 and a beta of 0.86.

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 company had revenue of $48.39 million during the quarter, compared to analysts’ expectations of $51.82 million. Canopy Growth had a negative net margin of 240.19% and a negative return on equity of 73.30%. Research analysts anticipate that Canopy Growth will post -1.42 earnings per share for the current year.

Institutional Trading of Canopy Growth

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. PFG Investments LLC purchased a new position in Canopy Growth in the 3rd quarter valued at approximately $54,000. Financial Advocates Investment Management acquired a new stake in Canopy Growth during the 3rd quarter worth $57,000. CIBC Asset Management Inc acquired a new stake in Canopy Growth during the 2nd quarter worth $91,000. Vontobel Holding Ltd. acquired a new stake in Canopy Growth during the 3rd quarter worth $92,000. Finally, Insigneo Advisory Services LLC acquired a new stake in Canopy Growth during the 2nd quarter worth $96,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reduced their price target on Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th.

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.