Canopy Growth Corp (NYSE:CGC) was the recipient of a large decline in short interest in January. As of January 31st, there was short interest totalling 21,997,984 shares, a decline of 20.1% from the January 15th total of 27,527,254 shares. Based on an average daily volume of 12,007,458 shares, the short-interest ratio is presently 1.8 days.
A number of hedge funds and other institutional investors have recently modified their holdings of CGC. Gradient Investments LLC raised its holdings in Canopy Growth by 29.2% during the fourth quarter. Gradient Investments LLC now owns 1,063 shares of the marijuana producer’s stock worth $29,000 after purchasing an additional 240 shares in the last quarter. Focused Wealth Management Inc increased its position in shares of Canopy Growth by 16.3% during the 4th quarter. Focused Wealth Management Inc now owns 2,462 shares of the marijuana producer’s stock valued at $66,000 after purchasing an additional 345 shares during the last quarter. First Manhattan Co. increased its stake in shares of Canopy Growth by 13.6% during the fourth quarter. First Manhattan Co. now owns 3,140 shares of the marijuana producer’s stock valued at $84,000 after buying an additional 375 shares during the period. IPG Investment Advisors LLC boosted its stake in Canopy Growth by 5.6% during the fourth quarter. IPG Investment Advisors LLC now owns 7,472 shares of the marijuana producer’s stock worth $210,000 after buying an additional 395 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC lifted its position in Canopy Growth by 19.5% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 3,375 shares of the marijuana producer’s stock worth $91,000 after acquiring an additional 550 shares during the period. Institutional investors own 12.83% of the company’s stock.
CGC has been the topic of several research analyst reports. Piper Jaffray Companies assumed coverage on shares of Canopy Growth in a research note on Wednesday, January 9th. They set an “overweight” rating and a $40.00 price objective on the stock. Scotiabank assumed coverage on shares of Canopy Growth in a research report on Wednesday, October 17th. They issued a “hold” rating and a $61.00 price target on the stock. Finally, CIBC started coverage on shares of Canopy Growth in a research report on Friday, January 18th. They set an “outperform” rating for the company. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $50.33.
CGC opened at $46.05 on Thursday. Canopy Growth has a 52 week low of $18.93 and a 52 week high of $59.25. The company has a market cap of $10.56 billion, a price-to-earnings ratio of -143.91 and a beta of 4.46.
Canopy Growth (NYSE:CGC) last posted its earnings results on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.64). Canopy Growth had a negative return on equity of 26.32% and a negative net margin of 503.14%. The business had revenue of $23.30 million for the quarter, compared to the consensus estimate of $59.10 million. Canopy Growth’s revenue for the quarter was up 32.4% on a year-over-year basis. As a group, equities research analysts predict that Canopy Growth will post -1.13 earnings per share for the current year.
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About Canopy Growth
Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.
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