Insider Selling: Canopy Growth (NASDAQ:CGC) CEO Sells $131,174.07 in Stock

Canopy Growth Corporation (NASDAQ:CGC) CEO Luc Mongeau sold 135,231 shares of Canopy Growth stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $131,174.07. Following the completion of the sale, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at $1,672,195.61. This represents a 7.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Canopy Growth Stock Down 2.6%

Canopy Growth stock opened at $0.92 on Thursday. The company has a market capitalization of $372.48 million, a PE ratio of -1.56 and a beta of 0.77. Canopy Growth Corporation has a 12-month low of $0.84 and a 12-month high of $2.38. The firm’s fifty day moving average is $1.07 and its 200 day moving average is $1.12. The company has a quick ratio of 2.64, a current ratio of 3.34 and a debt-to-equity ratio of 0.31.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results on Monday, June 15th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Canopy Growth had a negative return on equity of 26.95% and a negative net margin of 75.27%.The company had revenue of $51.22 million during the quarter, compared to analyst estimates of $53.43 million. As a group, sell-side analysts predict that Canopy Growth Corporation will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

CGC has been the subject of a number of research analyst reports. Wall Street Zen lowered Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a report on Tuesday, March 17th. Canaccord Genuity Group began coverage on Canopy Growth in a research note on Friday, March 27th. They issued a “buy” rating for the company. Finally, Weiss Ratings downgraded Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 15th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold”.

Institutional Trading of Canopy Growth

Several institutional investors and hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp boosted its position in shares of Canopy Growth by 10,308.3% during the first quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock valued at $882,000 after buying an additional 960,218 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Canopy Growth by 64.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock valued at $301,000 after buying an additional 129,620 shares during the last quarter. Murchinson Ltd. bought a new position in Canopy Growth during the 2nd quarter valued at $183,000. Boothbay Fund Management LLC bought a new position in Canopy Growth during the 2nd quarter valued at $30,000. Finally, Tidal Investments LLC boosted its holdings in Canopy Growth by 31.5% during the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock worth $6,141,000 after acquiring an additional 1,204,530 shares during the last quarter. 3.33% of the stock is owned by hedge funds and other institutional investors.

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.