Canopy Growth (NASDAQ:CGC) Trading Down 7.9%

Canopy Growth Co. (NASDAQ:CGC) shares dropped 7.9% during mid-day trading on Wednesday . The company traded as low as $6.17 and last traded at $6.17. Approximately 2,080,375 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 9,631,632 shares. The stock had previously closed at $6.70.

Analysts Set New Price Targets

CGC has been the subject of several research analyst reports. Sanford C. Bernstein increased their target price on Canopy Growth to $5.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler decreased their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a report on Monday, February 12th.

Canopy Growth Stock Down 6.7 %

The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79. The firm has a market capitalization of $569.44 million, a P/E ratio of -0.44 and a beta of 1.39. The stock has a fifty day moving average price of $5.28 and a two-hundred day moving average price of $5.43.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($1.34). The business had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. Research analysts forecast that Canopy Growth Co. will post -6.14 EPS for the current year.

Institutional Trading of Canopy Growth

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in Canopy Growth by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 241,342 shares of the company’s stock valued at $1,829,000 after purchasing an additional 2,621 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Canopy Growth by 14.5% during the third quarter. Tower Research Capital LLC TRC now owns 23,108 shares of the company’s stock worth $64,000 after buying an additional 2,927 shares during the period. Mariner LLC grew its holdings in Canopy Growth by 21.5% in the 4th quarter. Mariner LLC now owns 33,550 shares of the company’s stock worth $78,000 after buying an additional 5,927 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in Canopy Growth in the 1st quarter valued at approximately $202,000. Finally, Oppenheimer & Co. Inc. raised its stake in Canopy Growth by 53.5% during the 1st quarter. Oppenheimer & Co. Inc. now owns 20,296 shares of the company’s stock valued at $154,000 after acquiring an additional 7,076 shares in the last quarter. 3.33% of the stock is currently owned by institutional investors and hedge funds.

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.