Canopy Growth (NASDAQ:CGC) CEO Luc Mongeau Sells 135,231 Shares

Canopy Growth Corporation (NASDAQ:CGC) CEO Luc Mongeau sold 135,231 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $131,174.07. Following the completion of the sale, the chief executive officer owned 1,723,913 shares in the company, valued at $1,672,195.61. This represents a 7.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Canopy Growth Stock Down 1.0%

CGC stock opened at $0.96 on Tuesday. The company has a market cap of $386.78 million, a price-to-earnings ratio of -1.62 and a beta of 0.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.64 and a current ratio of 3.34. The business’s 50-day moving average is $1.08 and its two-hundred day moving average is $1.13. Canopy Growth Corporation has a fifty-two week low of $0.84 and a fifty-two week high of $2.38.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Monday, June 15th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.11). Canopy Growth had a negative net margin of 75.27% and a negative return on equity of 26.95%. The business had revenue of $51.22 million for the quarter, compared to analysts’ expectations of $53.43 million. As a group, analysts forecast that Canopy Growth Corporation will post -0.11 earnings per share for the current year.

Hedge Funds Weigh In On Canopy Growth

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC increased its holdings in Canopy Growth by 31.5% in the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after acquiring an additional 1,204,530 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Canopy Growth by 723.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after purchasing an additional 4,037,281 shares during the last quarter. Millennium Management LLC lifted its position in shares of Canopy Growth by 196.9% in the third quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after buying an additional 2,080,994 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Canopy Growth by 19,571.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after buying an additional 2,011,917 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in Canopy Growth during the 1st quarter valued at approximately $1,716,000. Institutional investors own 3.33% of the company’s stock.

Analyst Ratings Changes

CGC has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Weiss Ratings cut Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 15th. Canaccord Genuity Group assumed coverage on Canopy Growth in a research report on Friday, March 27th. They set a “buy” rating on the stock. Finally, ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday, March 17th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Canopy Growth presently has an average rating of “Hold”.

About Canopy Growth

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.