Canopy Growth (NASDAQ:CGC) Stock Price Up 2.5% - Time to Buy?

Canopy Growth Corporation (NASDAQ:CGC - Get Free Report) 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 traded hands 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.

Wall Street Analysts Forecast Growth

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

Canopy Growth Trading Down 4.6%

The business has a 50-day moving average of $1.41 and a 200-day moving average of $1.59. The company has a quick ratio of 2.10, a current ratio of 3.12 and a debt-to-equity ratio of 0.62. The stock has a market cap of $208.69 million, a price-to-earnings ratio of -0.28 and a beta of 0.73.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CGC. Jones Financial Companies Lllp grew its holdings in shares of Canopy Growth by 222.9% during the 4th quarter. Jones Financial Companies Lllp now owns 9,315 shares of the company's stock worth $26,000 after purchasing an additional 6,430 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Canopy Growth by 81.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company's stock worth $41,000 after buying an additional 14,498 shares in the last quarter. OLD Mission Capital LLC raised its stake in shares of Canopy Growth by 41.6% in the 4th quarter. OLD Mission Capital LLC now owns 51,066 shares of the company's stock valued at $140,000 after buying an additional 15,000 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Canopy Growth during the 4th quarter worth about $41,000. Finally, Two Sigma Securities LLC boosted its position in shares of Canopy Growth by 150.1% during the 4th quarter. Two Sigma Securities LLC now owns 26,517 shares of the company's stock valued at $73,000 after acquiring an additional 15,916 shares in the last quarter. Institutional investors and hedge funds own 3.33% of the company's stock.

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.