Canopy Growth (NASDAQ:CGC) Trading Down 4.3%

Canopy Growth Co. (NASDAQ:CGC) shares were down 4.3% during mid-day trading on Thursday . The stock traded as low as $8.64 and last traded at $8.73. Approximately 1,864,659 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 9,716,122 shares. The stock had previously closed at $9.12.

Analyst Ratings Changes

Several equities analysts recently issued reports on CGC shares. Piper Sandler decreased 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 boosted their price objective on Canopy Growth to $5.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st.

Canopy Growth Trading Down 4.3 %

The company has a market cap of $710.66 million, a P/E ratio of -0.52 and a beta of 1.39. 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 business has a 50 day moving average price of $5.19 and a 200-day moving average price of $5.50.

Canopy Growth (NASDAQ:CGC) last announced 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). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The company had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. Analysts forecast that Canopy Growth Co. will post -6.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

A number of large investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its stake in Canopy Growth by 171.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 22,086 shares of the company’s stock valued at $113,000 after acquiring an additional 13,947 shares during the period. Tudor Investment Corp Et Al bought a new position in Canopy Growth during the 3rd quarter worth $39,000. LPL Financial LLC increased its position in Canopy Growth by 31.5% during the 3rd quarter. LPL Financial LLC now owns 484,993 shares of the company’s stock worth $380,000 after buying an additional 116,219 shares during the period. Lord Abbett & CO. LLC bought a new position in Canopy Growth during the 3rd quarter worth $18,140,000. Finally, Vanguard Personalized Indexing Management LLC increased its position in Canopy Growth by 197.5% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock worth $34,000 after buying an additional 28,666 shares during the period. Institutional investors own 3.33% of the company’s stock.

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.