Insider Selling: Canopy Growth (NASDAQ:CGC) Director Sells 14,920 Shares of Stock

Key Points

• Director Theresa Yanofsky sold 14,920 Canopy Growth shares at an average price of $0.93, generating $13,875.60 and reducing her direct holdings by 10.19% to 131,495 shares.
• Canopy Growth shares fell 3.1% to $0.90, near the lower end of their 12-month range of $0.84 to $2.38. The company has a market capitalization of approximately $402.7 million.
• The company exceeded quarterly revenue and adjusted its EPS loss relative to analyst expectations, but it remains unprofitable; analysts’ overall consensus rating is Hold.

Canopy Growth Corporation (NASDAQ:CGC - Get Free Report) Director Theresa Yanofsky sold 14,920 shares of the company's stock in a transaction dated Monday, September 28th. The stock was sold at an average price of $0.93, for a total value of $13,875.60. Following the completion of the sale, the director directly owned 131,495 shares of the company's stock, valued at $122,290.35. The trade was a 10.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Canopy Growth Stock Down 3.1%

Shares of CGC stock traded down $0.03 during trading hours on Wednesday, reaching $0.90. The company had a trading volume of 3,900,173 shares, compared to its average volume of 7,849,511. The company has a market capitalization of $402.66 million, a P/E ratio of -1.99 and a beta of 0.83. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.39 and a current ratio of 3.04. Canopy Growth Corporation has a twelve month low of $0.84 and a twelve month high of $2.38. The stock's fifty day simple moving average is $0.96 and its 200 day simple moving average is $1.00.

Canopy Growth (NASDAQ:CGC - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. Canopy Growth had a negative return on equity of 21.91% and a negative net margin of 65.33%.The firm had revenue of $142.62 million for the quarter, compared to analyst estimates of $58.21 million. As a group, sell-side analysts expect that Canopy Growth Corporation will post -0.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CGC has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Canopy Growth from a "sell" rating to a "hold" rating in a report on Saturday. Weiss Ratings cut shares of Canopy Growth from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, September 16th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold".

Institutional Trading of Canopy Growth

Institutional investors have recently added to or reduced their stakes in the stock. Foundations Investment Advisors LLC bought a new position in Canopy Growth during the 4th quarter valued at $485,000. Royal Bank of Canada raised its stake in shares of Canopy Growth by 1,115.6% in the 1st quarter. Royal Bank of Canada now owns 975,967 shares of the company's stock valued at $927,000 after purchasing an additional 895,680 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Canopy Growth in the 1st quarter valued at about $1,716,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Canopy Growth by 723.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company's stock worth $5,239,000 after purchasing an additional 4,037,281 shares during the last quarter. 3.33% of the stock is owned by institutional investors and hedge funds.

Canopy Growth Company Profile

Canopy Growth Corporation is a cannabis company headquartered in Smiths Falls, Ontario, Canada. Founded in 2013 as Tweed Marijuana Inc, the company adopted the Canopy Growth name in 2015 and has developed a portfolio of cannabis brands serving both adult-use and medical markets.

Canopy Growth's products include dried cannabis flower, pre-rolls, cannabis oils, softgels, edibles, beverages and vaporization products. Its brand portfolio has included Tweed, 7ACRES, Doja, Deep Space and other cannabis brands, as well as Storz & Bickel vaporization products.

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