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

Canopy Growth Co. (NASDAQ:CGC) was the target of unusually large options trading activity on Thursday. Traders purchased 41,923 call options on the stock. This represents an increase of approximately 44% compared to the average volume of 29,147 call options.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CGC shares. Sanford C. Bernstein increased their price objective on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler dropped their price target on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research note on Monday, February 12th.

Canopy Growth Stock Up 20.6 %

Shares of NASDAQ CGC opened at $7.83 on Friday. The stock has a market capitalization of $713.39 million, a P/E ratio of -0.52 and a beta of 1.39. The company has a 50-day moving average price of $5.40 and a 200-day moving average price of $5.46. Canopy Growth has a 1 year low of $2.76 and a 1 year 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:CGC) last issued its quarterly earnings data 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). The business had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. On average, equities research analysts forecast that Canopy Growth will post -6.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Founders Financial Securities LLC raised its position in Canopy Growth by 112.3% in the third quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock worth $26,000 after acquiring an additional 17,500 shares during the period. Tower Research Capital LLC TRC raised its position in Canopy Growth by 144.2% in the second quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock worth $26,000 after acquiring an additional 39,861 shares during the period. First Republic Investment Management Inc. bought a new stake in shares of Canopy Growth in the second quarter valued at approximately $31,000. Vanguard Personalized Indexing Management LLC raised its position in shares of Canopy Growth by 197.5% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after purchasing an additional 28,666 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Canopy Growth in the first quarter valued at approximately $37,000. 3.33% of the stock is owned by institutional investors.

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 Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.