Canopy Growth (NASDAQ:CGC) Trading Up 16.1% – Time to Buy?

Canopy Growth Corporation (NASDAQ:CGC) was up 16.1% on Wednesday . The company traded as high as $2.28 and last traded at $2.1250. Approximately 30,916,018 shares changed hands during mid-day trading, an increase of 95% from the average daily volume of 15,843,873 shares. The stock had previously closed at $1.83.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canopy Growth in a report on Monday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Benchmark raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Three equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Canopy Growth presently has an average rating of “Reduce”.

Canopy Growth Trading Up 9.0%

The company has a debt-to-equity ratio of 0.31, a current ratio of 5.50 and a quick ratio of 4.23. The company has a market cap of $735.08 million, a price-to-earnings ratio of -1.04 and a beta of 0.40. The business’s fifty day moving average price is $1.25 and its 200 day moving average price is $1.30.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Friday, November 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.10. Canopy Growth had a negative return on equity of 61.97% and a negative net margin of 113.21%.The business had revenue of $47.86 million during the quarter, compared to analyst estimates of $71.82 million. Research analysts anticipate that Canopy Growth Corporation will post -2.81 earnings per share for the current fiscal year.

Insider Activity at Canopy Growth

In other news, CEO Luc Mongeau purchased 27,469 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were acquired at an average price of $1.82 per share, for a total transaction of $49,993.58. Following the completion of the acquisition, the chief executive officer owned 812,368 shares in the company, valued at approximately $1,478,509.76. The trade was a 3.50% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 23,075 shares of company stock worth $36,459. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Canopy Growth

A number of hedge funds have recently added to or reduced their stakes in the stock. Boothbay Fund Management LLC bought a new stake in shares of Canopy Growth during the 2nd quarter worth $30,000. Midwest Trust Co purchased a new position in Canopy Growth in the 3rd quarter valued at approximately $31,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Canopy Growth by 81.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after acquiring an additional 14,498 shares in the last quarter. Genesee Capital Advisors LLC boosted its holdings in shares of Canopy Growth by 166.1% in the third quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock worth $58,000 after acquiring an additional 25,000 shares during the period. Finally, Insigneo Advisory Services LLC grew its position in shares of Canopy Growth by 168.7% in the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock valued at $63,000 after purchasing an additional 27,000 shares in the last quarter. Institutional investors and hedge funds 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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.