Thomas Carlton Stewart Sells 25,755 Shares of Canopy Growth (NASDAQ:CGC) Stock

Key Points

• Insider sale: Thomas Carlton Stewart sold 25,755 Canopy Growth shares at an average price of $0.93, generating $23,952.15 and reducing his holdings by 4.19% to 588,412 shares.
• Stock performance and finances: CGC recently traded near $0.94, with a market capitalization of approximately $422 million and a 52-week range of $0.84 to $2.38. The company remains unprofitable, despite reporting better-than-expected quarterly EPS and revenue.
• Investor sentiment: Institutional ownership stands at 3.33%, while analyst opinion averages a “Hold.” Recent rating actions included downgrades from Weiss Ratings and Wall Street Zen to “Sell.”

Canopy Growth Corporation (NASDAQ:CGC - Get Free Report) insider Thomas Stewart sold 25,755 shares of the company's stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $0.93, for a total transaction of $23,952.15. Following the transaction, the insider owned 588,412 shares of the company's stock, valued at $547,223.16. This represents a 4.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Thomas Carlton Stewart also recently made the following trade(s):

• On Monday, August 24th, Thomas Stewart sold 2,231 shares of Canopy Growth stock. The shares were sold at an average price of $1.47, for a total transaction of $3,279.57.

Canopy Growth Stock Performance

Canopy Growth stock traded up $0.02 during midday trading on Thursday, reaching $0.94. 1,810,634 shares of the stock traded hands, compared to its average volume of 8,133,253. The company has a current ratio of 3.04, a quick ratio of 2.39 and a debt-to-equity ratio of 0.31. The firm has a fifty day moving average price of $0.96 and a two-hundred day moving average price of $1.01. The firm has a market cap of $421.94 million, a price-to-earnings ratio of -2.09 and a beta of 0.83. Canopy Growth Corporation has a fifty-two week low of $0.84 and a fifty-two week high of $2.38.

Canopy Growth (NASDAQ:CGC - Get Free Report) last posted its 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. The firm had revenue of $142.62 million during the quarter, compared to analysts' expectations of $58.21 million. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. On average, equities research analysts forecast that Canopy Growth Corporation will post -0.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd raised its holdings in 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 in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Canopy Growth by 19,571.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company's stock valued at $2,305,000 after purchasing an additional 2,011,917 shares in the last quarter. Lazard Asset Management LLC bought a new position in Canopy Growth during the 1st quarter valued at $1,716,000. Royal Bank of Canada increased its position in shares of Canopy Growth by 1,115.6% during 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 during the period. Finally, Foundations Investment Advisors LLC acquired a new position in shares of Canopy Growth during the 4th quarter valued at $485,000. 3.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings downgraded Canopy Growth from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday. Wall Street Zen cut Canopy Growth from a "hold" rating to a "sell" rating in a research note on Saturday, September 5th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Canopy Growth presently has an average rating of "Hold".

About Canopy Growth

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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