Canopy Growth Sees Unusually High Options Volume (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC - Get Free Report) was the target of unusually large options trading on Wednesday. Stock traders bought 17,717 call options on the stock. This represents an increase of approximately 48% compared to the typical daily volume of 11,987 call options.

Canopy Growth Price Performance

CGC stock traded up $0.33 during mid-day trading on Friday, reaching $1.70. 10,575,146 shares of the company's stock were exchanged, compared to its average volume of 5,938,905. The company has a debt-to-equity ratio of 0.74, a current ratio of 3.52 and a quick ratio of 2.58. Canopy Growth has a 12-month low of $0.77 and a 12-month high of $8.65. The stock's 50 day moving average is $1.32 and its 200 day moving average is $1.93. The company has a market cap of $312.57 million, a price-to-earnings ratio of -0.45 and a beta of 0.79.

Canopy Growth (NASDAQ:CGC - Get Free Report) last released its quarterly earnings results on Friday, May 30th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.66). Canopy Growth had a negative net margin of 156.98% and a negative return on equity of 56.52%. The company had revenue of $45.30 million during the quarter, compared to analyst estimates of $71.84 million. On average, research analysts expect that Canopy Growth will post -2.81 EPS for the current year.

Hedge Funds Weigh In On Canopy Growth

A number of hedge funds have recently made changes to their positions in CGC. Jones Financial Companies Lllp boosted its stake in shares of Canopy Growth by 222.9% in the fourth quarter. Jones Financial Companies Lllp now owns 9,315 shares of the company's stock worth $26,000 after acquiring an additional 6,430 shares during the last quarter. Apollon Wealth Management LLC acquired a new stake in Canopy Growth during the 4th quarter worth $38,000. Dimensional Fund Advisors LP acquired a new stake in Canopy Growth during the 4th quarter worth $41,000. Mackenzie Financial Corp raised its position in shares of Canopy Growth by 56.5% in the first quarter. Mackenzie Financial Corp now owns 50,413 shares of the company's stock valued at $47,000 after buying an additional 18,202 shares during the last quarter. Finally, Concurrent Investment Advisors LLC raised its position in shares of Canopy Growth by 26.6% in the fourth quarter. Concurrent Investment Advisors LLC now owns 24,644 shares of the company's stock valued at $68,000 after buying an additional 5,172 shares during the last quarter. Institutional investors and hedge funds own 3.33% of the company's stock.

Wall Street Analyst Weigh In

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

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.