Canopy Growth Sees Unusually High Options Volume (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) was the target of unusually large options trading activity on Thursday. Investors bought 41,923 call options on the stock. This is an increase of approximately 44% compared to the average daily volume of 29,147 call options.

Hedge Funds Weigh In On Canopy Growth

Hedge funds and other institutional investors have recently made changes to their positions in the company. Founders Financial Securities LLC raised 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 valued at $26,000 after buying an additional 17,500 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Canopy Growth by 144.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock worth $26,000 after purchasing an additional 39,861 shares in the last quarter. First Republic Investment Management Inc. acquired a new position in Canopy Growth during the 2nd quarter worth approximately $31,000. 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 purchasing an additional 28,666 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in Canopy Growth during the 1st quarter worth approximately $37,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CGC has been the subject of a number of recent research reports. Piper Sandler cut 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. Sanford C. Bernstein boosted their price objective on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st.

Canopy Growth Stock Performance

NASDAQ CGC traded up $1.38 during trading on Thursday, reaching $7.87. The company’s stock had a trading volume of 12,690,137 shares, compared to its average volume of 9,739,670. 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 firm has a market capitalization of $717.04 million, a price-to-earnings ratio of -0.52 and a beta of 1.39. Canopy Growth has a 12 month low of $2.76 and a 12 month high of $19.20. The firm has a 50 day moving average price of $5.32 and a 200 day moving average price of $5.44.

Canopy Growth (NASDAQ:CGC) last issued its earnings results on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($0.45) by ($1.34). The firm had revenue of $57.67 million during the quarter, compared to analyst estimates of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. As a group, equities analysts anticipate that Canopy Growth will post -6.14 EPS for the current fiscal year.

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.