Canopy Growth (NASDAQ:CGC) Insider Christelle Gedeon Sells 58,994 Shares

Canopy Growth Corporation (NASDAQ:CGC) insider Christelle Gedeon sold 58,994 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $57,224.18. Following the transaction, the insider directly owned 705,506 shares in the company, valued at approximately $684,340.82. The trade was a 7.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Canopy Growth Stock Down 1.0%

CGC stock opened at $0.96 on Tuesday. The firm’s 50-day moving average is $1.08 and its two-hundred day moving average is $1.13. The company has a market capitalization of $386.78 million, a price-to-earnings ratio of -1.62 and a beta of 0.77. Canopy Growth Corporation has a 52 week low of $0.84 and a 52 week high of $2.38. The company has a current ratio of 3.34, a quick ratio of 2.64 and a debt-to-equity ratio of 0.31.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data on Monday, June 15th. The company reported ($0.17) earnings per share (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 company had revenue of $51.22 million during the quarter, compared to the consensus estimate of $53.43 million. On average, analysts forecast that Canopy Growth Corporation will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bank of Montreal Can lifted its position in shares of Canopy Growth by 122.7% during the 4th quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock valued at $29,000 after acquiring an additional 135,970 shares during the last quarter. Octavia Wealth Advisors LLC acquired a new position in shares of Canopy Growth in the 4th quarter worth $30,000. Boothbay Fund Management LLC acquired a new position in shares of Canopy Growth in the 2nd quarter worth $30,000. PCG Wealth Advisors LLC acquired a new stake in shares of Canopy Growth during the fourth quarter worth $32,000. Finally, Insigneo Advisory Services LLC lifted its holdings in shares of Canopy Growth by 168.7% during the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock valued at $63,000 after purchasing an additional 27,000 shares during the last quarter. Institutional investors own 3.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CGC. Canaccord Genuity Group began coverage on Canopy Growth in a research report on Friday, March 27th. They set a “buy” rating on the stock. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a report on Tuesday, March 17th. Wall Street Zen cut Canopy Growth from a “hold” rating to a “sell” rating in a research note on Sunday, March 29th. Finally, Weiss Ratings lowered Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 15th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus 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.