Canopy Growth (NASDAQ:CGC) Insider Christelle Gedeon Sells 13,344 Shares

Canopy Growth Corporation (NASDAQ:CGC) insider Christelle Gedeon sold 13,344 shares of Canopy Growth stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $1.47, for a total value of $19,615.68. Following the completion of the sale, the insider directly owned 692,162 shares of the company’s stock, valued at approximately $1,017,478.14. This trade represents a 1.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Christelle Gedeon also recently made the following trade(s):

• On Wednesday, June 17th, Christelle Gedeon sold 58,994 shares of Canopy Growth stock. The shares were sold at an average price of $0.97, for a total transaction of $57,224.18.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $1.07 on Wednesday. The firm has a market capitalization of $480.75 million, a PE ratio of -2.38 and a beta of 0.81. The company has a quick ratio of 2.39, a current ratio of 3.04 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average price of $0.96 and a two-hundred day moving average price of $1.03. Canopy Growth Corporation has a twelve month low of $0.84 and a twelve month high of $2.38.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The company had revenue of $142.62 million for the quarter, compared to analysts’ expectations of $58.21 million. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. Equities analysts forecast that Canopy Growth Corporation will post -0.1 EPS for the current year.

Hedge Funds Weigh In On Canopy Growth

A number of hedge funds and other institutional investors have recently bought and sold shares of CGC. Tidal Investments LLC raised its position in shares of Canopy Growth by 31.5% during the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after buying an additional 1,204,530 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Canopy Growth by 723.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after acquiring an additional 4,037,281 shares in the last quarter. Millennium Management LLC grew its position in Canopy Growth by 196.9% in the third quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after acquiring an additional 2,080,994 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Canopy Growth by 19,571.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after acquiring an additional 2,011,917 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in Canopy Growth during the first quarter valued at about $1,716,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CGC. Wall Street Zen upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings lowered shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold”.

About Canopy Growth

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.