Canopy Growth (NASDAQ:CGC) Shares Up 3.8%

Canopy Growth Co. (NASDAQ:CGC - Get Free Report)'s stock price shot up 3.8% during mid-day trading on Wednesday . The stock traded as high as $9.89 and last traded at $9.51. 6,792,725 shares were traded during trading, a decline of 30% from the average session volume of 9,747,385 shares. The stock had previously closed at $9.16.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CGC. Sanford C. Bernstein upped their price objective on Canopy Growth to $5.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 31st. Piper Sandler lowered their price objective on 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 Trading Down 0.4 %

The stock has a market capitalization of $830.92 million, a price-to-earnings ratio of -0.60 and a beta of 1.39. 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 business has a 50-day moving average of $4.97 and a 200-day moving average of $5.47.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.45) by ($1.34). The firm had revenue of $57.67 million during the quarter, compared to analyst estimates of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. As a group, research analysts forecast that Canopy Growth Co. will post -6.12 EPS for the current year.

Institutional Trading of Canopy Growth

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC raised its stake in Canopy Growth by 197.5% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company's stock valued at $34,000 after acquiring an additional 28,666 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in Canopy Growth by 83.3% during the 3rd 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 raised its stake in Canopy Growth by 26.2% during the 3rd 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 raised its stake in Canopy Growth by 30.7% during the 3rd 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 purchased a new stake in Canopy Growth during the 3rd quarter valued at approximately $18,140,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

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.