Canopy Growth Target of Unusually Large Options Trading (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGCGet Free Report) was the target of unusually large options trading on Tuesday. Stock investors purchased 32,808 call options on the stock. This is an increase of approximately 41% compared to the average daily volume of 23,300 call options.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Founders Financial Securities LLC boosted its holdings in shares of Canopy Growth by 112.3% in the 3rd quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock valued at $26,000 after buying an additional 17,500 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Canopy Growth by 144.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock valued at $26,000 after buying an additional 39,861 shares in the last quarter. First Republic Investment Management Inc. bought a new stake in shares of Canopy Growth in the 2nd quarter valued at about $31,000. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after buying an additional 28,666 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Canopy Growth in the 1st quarter valued at about $37,000. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Stock Performance

Shares of CGC opened at $8.35 on Wednesday. The business’s 50 day moving average is $4.44 and its 200 day moving average is $5.44. Canopy Growth has a 12-month low of $2.76 and a 12-month high of $19.20. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40.

Canopy Growth (NASDAQ:CGCGet Free Report) last released its quarterly earnings results on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) 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 business had revenue of $57.67 million for the quarter, compared to analysts’ expectations of $53.25 million. Equities research analysts expect that Canopy Growth will post -5.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Piper Sandler lowered their price objective on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research report on Monday, February 12th. Sanford C. Bernstein increased their price objective on Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st.

Read Our Latest Report on Canopy Growth

About Canopy Growth

(Get Free Report)

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.

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