Canopy Growth Co. (NASDAQ:CGC – Get Free Report)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $7.45, but opened at $7.78. Canopy Growth shares last traded at $8.03, with a volume of 1,103,454 shares.
Analyst Upgrades and Downgrades
CGC has been the subject of several analyst reports. Atb Cap Markets upgraded shares of Canopy Growth to a “hold” rating in a research report on Monday, June 17th. Piper Sandler lowered their price target on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, July 9th.
Get Our Latest Stock Report on Canopy Growth
Canopy Growth Stock Performance
Canopy Growth (NASDAQ:CGC – Get Free Report) last issued its quarterly earnings data on Thursday, May 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.05. The firm had revenue of $53.99 million during the quarter, compared to analysts’ expectations of $52.71 million. Canopy Growth had a negative net margin of 185.77% and a negative return on equity of 62.67%. On average, analysts forecast that Canopy Growth Co. will post -1.07 EPS for the current year.
Insider Activity at Canopy Growth
In other Canopy Growth news, Director Willy Kruh sold 3,738 shares of Canopy Growth stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $9.94, for a total value of $37,155.72. Following the transaction, the director now owns 17,295 shares of the company’s stock, valued at $171,912.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 7,545 shares of company stock worth $67,997. 0.35% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of CGC. PCG Wealth Advisors LLC lifted its stake in Canopy Growth by 73.6% in the first 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. Genesee Capital Advisors LLC lifted its position in shares of Canopy Growth by 29.9% in the first 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. Gainplan LLC bought a new stake in shares of Canopy Growth in the first quarter worth $302,000. SG Americas Securities LLC bought a new stake in shares of Canopy Growth in the first quarter worth $740,000. Finally, Concurrent Investment Advisors LLC bought a new stake in shares of Canopy Growth in the first quarter worth $289,000. Institutional investors own 3.33% of the company’s stock.
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.
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