Canopy Growth (NASDAQ:CGC) Shares Down 4.9%

Canopy Growth Co. (NASDAQ:CGC)’s share price dropped 4.9% during trading on Monday . The company traded as low as $10.20 and last traded at $10.32. Approximately 1,388,196 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 11,742,594 shares. The stock had previously closed at $10.85.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Piper Sandler lowered their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a report on Monday, February 12th. Sanford C. Bernstein raised their price target on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st.

Canopy Growth Stock Down 1.9 %

The firm has a fifty day moving average of $8.35 and a two-hundred day moving average of $6.02. The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. purchased a new position in shares of Canopy Growth during the 1st quarter valued at $475,000. Virtu Financial LLC purchased a new position in Canopy Growth during the first quarter worth about $544,000. Tidal Investments LLC bought a new position in Canopy Growth in the 1st quarter worth about $21,718,000. Murchinson Ltd. bought a new stake in shares of Canopy Growth during the 1st quarter valued at about $13,149,000. Finally, SG Americas Securities LLC purchased a new position in shares of Canopy Growth during the first quarter worth about $740,000. Institutional investors own 3.33% of the company’s stock.

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.