Canopy Growth (NASDAQ:CGC) Shares Gap Up to $7.93

Canopy Growth Co. (NASDAQ:CGC - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $7.93, but opened at $8.22. Canopy Growth shares last traded at $7.79, with a volume of 3,387,408 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CGC. Piper Sandler decreased their price target on Canopy Growth from $5.00 to $3.00 and set an "underperform" rating for the company in a report on Monday, February 12th. Sanford C. Bernstein boosted their price target on Canopy Growth to $5.00 and gave the company a "market perform" rating in a report on Wednesday, January 31st.

Canopy Growth Trading Down 1.0 %

The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79. The firm has a market capitalization of $715.29 million, a price-to-earnings ratio of -0.52 and a beta of 1.37. The company has a 50 day moving average price of $5.56 and a two-hundred day moving average price of $5.44.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its 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). The business had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. On average, research analysts forecast that Canopy Growth Co. will post -6.14 EPS for the current year.

Institutional Trading of Canopy Growth

Large investors have recently made changes to their positions in the company. PCG Wealth Advisors LLC increased its position in shares of Canopy Growth by 73.6% during the first quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company's stock worth $271,000 after purchasing an additional 13,300 shares in the last quarter. Founders Financial Securities LLC increased its position in shares of Canopy Growth by 112.3% during the third quarter. Founders Financial Securities LLC now owns 33,087 shares of the company's stock worth $26,000 after purchasing an additional 17,500 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Canopy Growth by 197.5% during 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 in the last quarter. Sycomore Asset Management purchased a new stake in shares of Canopy Growth during the third quarter worth approximately $39,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Canopy Growth during the third quarter worth approximately $39,000. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

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.