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

Canopy Growth logo with Medical background

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.

Check Out Our Latest Stock Analysis on Canopy Growth

About Canopy Growth

(Get Free Report)

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.

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