Canopy Growth (NASDAQ:CGC) CEO Luc Mongeau Purchases 27,469 Shares

Key Points

• Canopy Growth CEO Luc Mongeau purchased 27,469 shares of the company's stock at an average cost of $1.82, increasing his total holdings to 812,368 shares valued at approximately $1.48 million.
• The stock price of Canopy Growth is currently down 0.8%, trading at $1.31 with a market capitalization of $314.20 million.
• Canopy Growth reported a negative earnings per share of ($0.14), beating the consensus estimate, but had revenue of $52.98 million, falling short of analyst expectations of $64.98 million.

Canopy Growth Corporation (NASDAQ:CGC - Get Free Report) CEO Luc Mongeau purchased 27,469 shares of Canopy Growth stock in a transaction dated Monday, September 22nd. The stock was bought at an average cost of $1.82 per share, with a total value of $49,993.58. Following the completion of the transaction, the chief executive officer owned 812,368 shares in the company, valued at approximately $1,478,509.76. This represents a 3.50% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website.

Canopy Growth Stock Down 0.8%

Shares of CGC traded down $0.01 during trading hours on Tuesday, hitting $1.31. The company had a trading volume of 21,624,047 shares, compared to its average volume of 11,522,573. The company has a market capitalization of $314.20 million, a PE ratio of -0.43 and a beta of 0.76. 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 Corporation has a one year low of $0.77 and a one year high of $5.80. The company's fifty day moving average price is $1.31 and its two-hundred day moving average price is $1.29.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its 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 return on equity of 89.93% and a negative net margin of 155.76%.The company had revenue of $52.98 million for the quarter, compared to analyst estimates of $64.98 million. As a group, equities analysts forecast that Canopy Growth Corporation will post -2.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

Large investors have recently modified their holdings of the business. Boothbay Fund Management LLC acquired a new position in shares of Canopy Growth in the 2nd quarter valued at $30,000. Wealth Enhancement Advisory Services LLC lifted its stake in Canopy Growth by 81.3% during the 2nd 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. Mackenzie Financial Corp lifted its stake in Canopy Growth by 56.5% during the 1st quarter. Mackenzie Financial Corp now owns 50,413 shares of the company's stock worth $47,000 after acquiring an additional 18,202 shares in the last quarter. Osaic Holdings Inc. lifted its stake in Canopy Growth by 77.6% during the 2nd quarter. Osaic Holdings Inc. now owns 75,335 shares of the company's stock worth $92,000 after acquiring an additional 32,927 shares in the last quarter. Finally, TD Asset Management Inc lifted its stake in 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 acquiring an additional 36,211 shares in the last quarter. Institutional investors and hedge funds own 3.33% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CGC. Zacks Research upgraded Canopy Growth to a "hold" rating in a research report on Tuesday, August 12th. Piper Sandler reiterated an "underweight" rating on shares of Canopy Growth in a research report on Friday, May 30th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Sell".

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.