Canopy Growth (NASDAQ:CGC) Shares Gap Down to $8.63

Canopy Growth Co. (NASDAQ:CGC - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $8.63, but opened at $8.22. Canopy Growth shares last traded at $7.85, with a volume of 4,082,599 shares.

Analyst Ratings Changes

CGC has been the subject of a number of research reports. Sanford C. Bernstein increased their target price on shares of Canopy Growth to $5.00 and gave the company a "market perform" rating in a research report on Wednesday, January 31st. Piper Sandler reduced their target price on shares of Canopy Growth from $5.00 to $3.00 and set an "underperform" rating for the company in a research report on Monday, February 12th.

Canopy Growth Stock Performance

The company has a current ratio of 1.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $686.06 million, a P/E ratio of -0.49 and a beta of 1.37. The company's fifty day moving average is $4.30 and its 200 day moving average is $5.51.

Canopy Growth (NASDAQ:CGC - Get Free Report) last posted its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($1.34). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The firm had revenue of $57.67 million during the quarter, compared to analysts' expectations of $53.25 million. As a group, equities analysts anticipate that Canopy Growth Co. will post -5.57 earnings per share for the current year.

Institutional Trading of Canopy Growth

Several institutional investors and hedge funds have recently made changes to their positions in CGC. Bank of New York Mellon Corp raised its position in Canopy Growth by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 241,342 shares of the company's stock worth $1,829,000 after purchasing an additional 2,621 shares during the period. Tower Research Capital LLC TRC raised its position in Canopy Growth by 14.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 23,108 shares of the company's stock worth $64,000 after purchasing an additional 2,927 shares during the period. Mariner LLC raised its position in Canopy Growth by 21.5% in the 4th quarter. Mariner LLC now owns 33,550 shares of the company's stock worth $78,000 after purchasing an additional 5,927 shares during the period. Golden State Wealth Management LLC purchased a new position in Canopy Growth in the 1st quarter worth $202,000. Finally, Oppenheimer & Co. Inc. raised its position in Canopy Growth by 53.5% in the 1st quarter. Oppenheimer & Co. Inc. now owns 20,296 shares of the company's stock worth $154,000 after purchasing an additional 7,076 shares during the period. Hedge funds and other institutional investors own 3.33% of the company's stock.

Canopy Growth Company Profile

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 Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.