Canopy Growth (NASDAQ:CGC) Shares Gap Down to $7.80

Canopy Growth Co. (NASDAQ:CGC - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $7.80, but opened at $7.53. Canopy Growth shares last traded at $7.35, with a volume of 1,583,750 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Piper Sandler lowered their price target on shares of Canopy Growth from $5.00 to $3.00 and set an "underperform" rating on the stock in a report on Monday, February 12th. Sanford C. Bernstein lifted their price target on shares of Canopy Growth to $5.00 and gave the company a "market perform" rating in a report on Wednesday, January 31st.

Canopy Growth Price Performance

The firm's fifty day moving average price is $5.24 and its 200 day moving average price is $5.44. The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96. The stock has a market cap of $635.95 million, a PE ratio of -0.46 and a beta of 1.37.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its quarterly earnings results on Friday, February 9th. The company reported ($1.79) earnings per share 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 business had revenue of $57.67 million during the quarter, compared to the consensus estimate of $53.25 million. As a group, equities analysts expect that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

Large investors have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC increased its position in Canopy Growth by 197.5% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company's stock worth $34,000 after purchasing an additional 28,666 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Canopy Growth by 83.3% during the third quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company's stock valued at $426,000 after acquiring an additional 247,407 shares during the last quarter. TD Asset Management Inc increased its position in Canopy Growth by 26.2% during the third quarter. TD Asset Management Inc now owns 383,086 shares of the company's stock valued at $298,000 after acquiring an additional 79,639 shares during the last quarter. Mackenzie Financial Corp increased its position in Canopy Growth by 30.7% during the third quarter. Mackenzie Financial Corp now owns 173,330 shares of the company's stock valued at $136,000 after acquiring an additional 40,675 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in Canopy Growth during the third quarter valued at $18,140,000. Institutional investors own 3.33% of the company's stock.

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