Canopy Growth (NASDAQ:CGC) Stock Price Up 4.4%

Shares of Canopy Growth Co. (NASDAQ:CGC - Get Free Report) were up 4.4% during trading on Wednesday . The company traded as high as $8.83 and last traded at $8.72. Approximately 3,224,326 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 8,305,883 shares. The stock had previously closed at $8.35.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CGC shares. Piper Sandler cut their target price on shares of Canopy Growth from $5.00 to $3.00 and set an "underperform" rating on the stock in a research note on Monday, February 12th. Sanford C. Bernstein lifted their price target on shares of Canopy Growth to $5.00 and gave the stock a "market perform" rating in a research note on Wednesday, January 31st.

Canopy Growth Price Performance

The company's 50 day moving average is $4.56 and its 200-day moving average is $5.48. The stock has a market cap of $992.19 million, a PE ratio of -0.72 and a beta of 1.39. The company has a current ratio of 1.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.96.

Canopy Growth (NASDAQ:CGC - Get Free Report) last released 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 company had revenue of $57.67 million during the quarter, compared to the consensus estimate of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. As a group, sell-side analysts predict that Canopy Growth Co. will post -5.57 earnings per share for the current year.

Institutional Investors Weigh In On Canopy Growth

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC acquired a new position in shares of Canopy Growth in the 3rd quarter valued at about $18,140,000. Vanguard Group Inc. boosted its holdings in shares of Canopy Growth by 26.3% in the 3rd quarter. Vanguard Group Inc. now owns 10,233,037 shares of the company's stock valued at $27,936,000 after buying an additional 2,133,358 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Canopy Growth by 148.4% in the 3rd quarter. Two Sigma Advisers LP now owns 2,874,400 shares of the company's stock valued at $7,847,000 after buying an additional 1,717,300 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Canopy Growth by 49.0% in the 1st quarter. Ameriprise Financial Inc. now owns 1,867,002 shares of the company's stock valued at $3,267,000 after buying an additional 613,768 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Canopy Growth by 65.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,687,125 shares of the company's stock valued at $654,000 after buying an additional 666,800 shares during the period. 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.