Canopy Growth (NASDAQ:CGC) Trading Up 17.1%

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

Wall Street Analyst Weigh In

CGC has been the topic of several recent research reports. Sanford C. Bernstein increased 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. Piper Sandler decreased their price target on shares of 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 stock has a market capitalization of $893.05 million, a P/E ratio of -0.66 and a beta of 1.39. The stock has a 50 day moving average price of $5.88 and a 200-day moving average price of $5.50. 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 earnings results on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $57.67 million during the quarter, compared to the consensus estimate of $53.25 million. As a group, research analysts expect that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

Several institutional investors and hedge funds have recently modified their holdings of the stock. Genesee Capital Advisors LLC raised its position in shares of Canopy Growth by 29.9% in the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock worth $113,000 after acquiring an additional 3,000 shares in the last quarter. PCG Wealth Advisors LLC boosted its holdings in shares of Canopy Growth by 73.6% during the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock valued at $271,000 after buying an additional 13,300 shares in the last quarter. Founders Financial Securities LLC grew its position in shares of Canopy Growth by 112.3% in the 3rd quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock worth $26,000 after buying an additional 17,500 shares during the period. Gainplan LLC bought a new position in shares of Canopy Growth in the 1st quarter worth about $302,000. Finally, Vanguard Personalized Indexing Management LLC lifted 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 valued at $34,000 after acquiring an additional 28,666 shares during the period. 3.33% of the stock is owned by hedge funds and other 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.