Canopy Growth Corporation (NASDAQ:CGC) Short Interest Down 22.3% in August

Key Points

• Canopy Growth Corporation experienced a significant decrease in short interest, falling by 22.3% to 21,720,000 shares as of August 15th.
• The company reported a net loss of $0.14 per share for its last quarter, exceeding estimates, but its revenue fell short at $52.98 million compared to expectations of $64.98 million.
• Insider Christelle Gedeon sold 16,929 shares at approximately $1.74 each, reducing their ownership by 4.39%.

Canopy Growth Corporation (NASDAQ:CGC - Get Free Report) was the recipient of a large decrease in short interest in the month of August. As of August 15th, there was short interest totaling 21,720,000 shares, a decrease of 22.3% from the July 31st total of 27,960,000 shares. Based on an average daily volume of 14,320,000 shares, the short-interest ratio is currently 1.5 days. Approximately 9.3% of the shares of the company are short sold. Approximately 9.3% of the shares of the company are short sold. Based on an average daily volume of 14,320,000 shares, the short-interest ratio is currently 1.5 days.

Canopy Growth Stock Down 1.4%

CGC stock traded down $0.02 during trading on Friday, hitting $1.37. 14,756,514 shares of the stock traded hands, compared to its average volume of 22,561,852. Canopy Growth has a one year low of $0.77 and a one year high of $5.80. The company has a 50 day simple moving average of $1.29 and a 200 day simple moving average of $1.28. The company has a current ratio of 3.07, a quick ratio of 2.12 and a debt-to-equity ratio of 0.59.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. Canopy Growth had a negative net margin of 155.76% and a negative return on equity of 89.93%. The firm had revenue of $52.98 million during the quarter, compared to the consensus estimate of $64.98 million. On average, equities research analysts expect that Canopy Growth will post -2.81 EPS for the current year.

Analyst Upgrades and Downgrades

CGC has been the subject of a number of analyst reports. Zacks Research raised shares of Canopy Growth to a "hold" rating in a report on Tuesday, August 12th. Piper Sandler reaffirmed an "underweight" rating on shares of Canopy Growth in a report on Friday, May 30th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Canopy Growth presently has an average rating of "Sell".

Insiders Place Their Bets

In other Canopy Growth news, insider Christelle Gedeon sold 16,929 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $1.74, for a total value of $29,456.46. Following the completion of the sale, the insider directly owned 368,488 shares of the company's stock, valued at $641,169.12. This represents a 4.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 27,225 shares of company stock valued at $47,915. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Canopy Growth

Several institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP bought a new position in shares of Canopy Growth in the fourth quarter valued at about $41,000. TD Asset Management Inc grew its position in shares of Canopy Growth by 47.3% during the 1st quarter. TD Asset Management Inc now owns 112,721 shares of the company's stock worth $104,000 after buying an additional 36,211 shares during the period. Mackenzie Financial Corp grew its holdings in Canopy Growth by 56.5% during the first quarter. Mackenzie Financial Corp now owns 50,413 shares of the company's stock valued at $47,000 after purchasing an additional 18,202 shares during the period. Virtu Financial LLC acquired a new position in Canopy Growth during the first quarter valued at approximately $255,000. Finally, Marathon Trading Investment Management LLC acquired a new position in Canopy Growth during the first quarter valued at approximately $276,000. 3.33% of the stock is owned by institutional investors.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.