Canopy Growth (NASDAQ:CGC) Trading Down 5.1%

Canopy Growth Co. (NASDAQ:CGC)’s share price fell 5.1% during trading on Monday . The company traded as low as $9.54 and last traded at $9.72. Approximately 13,452,755 shares traded hands during trading, an increase of 17% from the average daily volume of 11,506,826 shares. The stock had previously closed at $10.24.

Analyst Ratings Changes

A number of research analysts have recently commented on CGC shares. Sanford C. Bernstein increased their target price on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st. 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 report on Monday, February 12th.

Canopy Growth Price Performance

The company has a market cap of $984.73 million, a P/E ratio of -0.64 and a beta of 1.10. The firm’s 50-day moving average is $6.73 and its two-hundred day moving average is $5.65. 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 announced its quarterly earnings data 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). The firm had revenue of $57.67 million during the quarter, compared to the consensus estimate of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. Analysts anticipate that Canopy Growth Co. will post -6.14 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Genesee Capital Advisors LLC grew its stake in Canopy Growth by 29.9% during the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock worth $113,000 after purchasing an additional 3,000 shares in the last quarter. PCG Wealth Advisors LLC grew its stake in shares of Canopy Growth by 73.6% during the first quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after purchasing an additional 13,300 shares in the last quarter. Gainplan LLC acquired a new stake in Canopy Growth in the first quarter valued at $302,000. Vanguard Personalized Indexing Management LLC lifted its holdings 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 last quarter. Finally, Sycomore Asset Management acquired a new position in shares of Canopy Growth during the 3rd quarter worth about $39,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

Canopy Growth Company Profile

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.