Thomas Carlton Stewart Sells 25,755 Shares of Canopy Growth (NASDAQ:CGC) Stock

Canopy Growth Corporation (NASDAQ:CGC) insider Thomas Stewart sold 25,755 shares of Canopy Growth stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $0.93, for a total value of $23,952.15. Following the sale, the insider directly owned 588,412 shares of the company’s stock, valued at $547,223.16. This trade represents a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Thomas Carlton Stewart also recently made the following trade(s):

• On Monday, August 24th, Thomas Stewart sold 2,231 shares of Canopy Growth stock. The shares were sold at an average price of $1.47, for a total value of $3,279.57.

Canopy Growth Price Performance

Shares of NASDAQ CGC opened at $0.93 on Friday. The stock’s 50-day simple moving average is $0.96 and its 200-day simple moving average is $1.01. The firm has a market capitalization of $419.83 million, a PE ratio of -2.08 and a beta of 0.83. Canopy Growth Corporation has a fifty-two week low of $0.84 and a fifty-two week high of $2.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.39 and a current ratio of 3.04.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd raised its holdings in shares of 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 valued at $5,239,000 after buying an additional 4,037,281 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Canopy Growth by 19,571.2% in the 4th 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 period. Lazard Asset Management LLC purchased a new stake in Canopy Growth during the 1st quarter valued at approximately $1,716,000. Royal Bank of Canada raised its stake in Canopy Growth by 1,115.6% during the 1st quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock valued at $927,000 after acquiring an additional 895,680 shares during the last quarter. Finally, Foundations Investment Advisors LLC acquired a new stake in Canopy Growth during the 4th quarter worth approximately $485,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wall Street Zen lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Weiss Ratings lowered Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold”.

Canopy Growth Company Profile

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and has developed a portfolio of cannabis brands serving both adult-use and medical markets.

Canopy Growth’s products include dried cannabis flower, pre-rolls, cannabis oils, softgels, edibles, beverages and vaporization products. Its brand portfolio has included Tweed, 7ACRES, Doja, Deep Space and other cannabis brands, as well as Storz & Bickel vaporization products.