Canopy Growth (NASDAQ:CGC) Trading 17.1% Higher

Canopy Growth Co. (NASDAQ:CGC)’s share price traded up 17.1% during mid-day trading on Friday . The company traded as high as $10.24 and last traded at $10.19. 4,441,108 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 9,628,395 shares. The stock had previously closed at $8.70.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Sanford C. Bernstein boosted 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 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 Stock Up 2.4 %

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 firm has a market cap of $893.05 million, a PE ratio of -0.59 and a beta of 1.39. The stock has a fifty day simple moving average of $5.98 and a two-hundred day simple moving average of $5.51.

Canopy Growth (NASDAQ:CGC) last posted its 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). The company had revenue of $57.67 million for the quarter, compared to analysts’ expectations of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. As a group, sell-side analysts expect that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CGC. Lake Street Financial LLC grew its holdings in shares of Canopy Growth by 43.7% during the third quarter. Lake Street Financial LLC now owns 77,400 shares of the company’s stock worth $63,000 after purchasing an additional 23,550 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Canopy Growth by 83.3% during the third 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. FinTrust Capital Advisors LLC grew its holdings in shares of Canopy Growth by 89.2% during the third quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company’s stock worth $91,000 after purchasing an additional 55,000 shares in the last quarter. Genesee Capital Advisors LLC purchased a new position in shares of Canopy Growth during the third quarter worth about $40,000. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of Canopy Growth during the third quarter worth about $39,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

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.