Canopy Growth (NASDAQ:CGC) Trading Up 2.5% - Here's Why

Canopy Growth Corporation (NASDAQ:CGC - Get Free Report)'s stock price traded up 2.5% during mid-day trading on Tuesday . The stock traded as high as $1.26 and last traded at $1.23. 13,599,205 shares were traded during mid-day trading, an increase of 113% from the average session volume of 6,398,236 shares. The stock had previously closed at $1.20.

Analyst Upgrades and Downgrades

Separately, Piper Sandler reissued an "underweight" rating on shares of Canopy Growth in a research note on Friday, May 30th.

Canopy Growth Stock Down 5.0%

The company has a 50 day moving average price of $1.41 and a 200-day moving average price of $1.57. The company has a quick ratio of 2.10, a current ratio of 3.12 and a debt-to-equity ratio of 0.62.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its earnings results on Friday, May 30th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.66). Canopy Growth had a negative net margin of 195.76% and a negative return on equity of 88.54%. The firm had revenue of $45.30 million for the quarter, compared to the consensus estimate of $71.84 million. As a group, sell-side analysts predict that Canopy Growth Corporation will post -2.81 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CGC. Jones Financial Companies Lllp boosted its position in shares of Canopy Growth by 10,308.3% in the 1st quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company's stock valued at $882,000 after purchasing an additional 960,218 shares during the period. Marathon Trading Investment Management LLC acquired a new position in shares of Canopy Growth in the 1st quarter valued at $276,000. Virtu Financial LLC acquired a new position in shares of Canopy Growth in the 1st quarter valued at $255,000. Tidal Investments LLC boosted its position in shares of Canopy Growth by 12.5% in the 4th quarter. Tidal Investments LLC now owns 2,263,873 shares of the company's stock valued at $6,203,000 after purchasing an additional 251,659 shares during the period. Finally, SBI Securities Co. Ltd. boosted its position in shares of Canopy Growth by 68.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 360,738 shares of the company's stock valued at $328,000 after purchasing an additional 146,488 shares during the period. Institutional investors own 3.33% of the company's stock.

Canopy Growth Company Profile

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.