Stock Traders Buy Large Volume of Call Options on Canopy Growth (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) was the recipient of some unusual options trading on Monday. Investors bought 35,647 call options on the company. This represents an increase of 70% compared to the typical daily volume of 21,020 call options.

Canopy Growth Stock Down 8.5 %

Canopy Growth stock opened at $4.41 on Wednesday. The company has a 50 day moving average of $5.74 and a 200-day moving average of $7.23. The company has a quick ratio of 1.64, a current ratio of 2.15 and a debt-to-equity ratio of 1.05. Canopy Growth has a twelve month low of $2.76 and a twelve month high of $14.92. The stock has a market capitalization of $387.51 million, a PE ratio of -0.69 and a beta of 0.87.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.06). The firm had revenue of $48.39 million during the quarter, compared to the consensus estimate of $51.82 million. Canopy Growth had a negative net margin of 240.19% and a negative return on equity of 73.30%. On average, equities research analysts anticipate that Canopy Growth will post -1.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

Large investors have recently modified their holdings of the business. Mackenzie Financial Corp raised its stake in shares of Canopy Growth by 13.2% during the 2nd quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock worth $214,000 after purchasing an additional 3,864 shares in the last quarter. Squarepoint Ops LLC raised its position in Canopy Growth by 168.6% during the second quarter. Squarepoint Ops LLC now owns 91,227 shares of the company’s stock worth $588,000 after acquiring an additional 57,262 shares in the last quarter. Insigneo Advisory Services LLC acquired a new stake in Canopy Growth in the second quarter valued at $96,000. Farallon Capital Management LLC bought a new position in shares of Canopy Growth in the 2nd quarter valued at about $194,000. Finally, AdvisorShares Investments LLC increased its stake in shares of Canopy Growth by 86.7% during the 2nd quarter. AdvisorShares Investments LLC now owns 68,922 shares of the company’s stock worth $440,000 after purchasing an additional 32,000 shares during the last quarter. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CGC shares. Atb Cap Markets raised shares of Canopy Growth to a “hold” rating in a research note on Monday, June 17th. Piper Sandler cut their price target on Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th.

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.