Canopy Growth (NASDAQ:CGC) Trading Up 16.5%

Canopy Growth Co. (NASDAQ:CGC - Get Free Report)'s share price was up 16.5% during trading on Thursday . The company traded as high as $7.60 and last traded at $7.56. Approximately 4,203,761 shares were traded during trading, a decline of 56% from the average daily volume of 9,616,884 shares. The stock had previously closed at $6.49.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CGC shares. Piper Sandler dropped their price target on 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 raised their target price on Canopy Growth to $5.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 31st.

Canopy Growth Stock Up 20.6 %

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 50-day simple moving average of $5.32 and a 200-day simple moving average of $5.44. The firm has a market capitalization of $713.39 million, a PE ratio of -0.52 and a beta of 1.39.

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). The company had revenue of $57.67 million during the quarter, compared to analysts' expectations of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. Analysts forecast that Canopy Growth Co. will post -6.14 EPS for the current year.

Hedge Funds Weigh In On Canopy Growth

Several hedge funds have recently made changes to their positions in CGC. Envestnet Asset Management Inc. grew its position in Canopy Growth by 66.8% during the first quarter. Envestnet Asset Management Inc. now owns 21,989 shares of the company's stock worth $167,000 after buying an additional 8,809 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Canopy Growth by 9.4% during the first quarter. JPMorgan Chase & Co. now owns 822,433 shares of the company's stock worth $6,233,000 after purchasing an additional 70,929 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Canopy Growth by 1.1% during the first 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 last quarter. Oppenheimer & Co. Inc. lifted its stake in Canopy Growth by 53.5% during the first 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 last quarter. Finally, Citigroup Inc. lifted its stake in Canopy Growth by 20.7% during the first quarter. Citigroup Inc. now owns 151,056 shares of the company's stock worth $1,146,000 after purchasing an additional 25,878 shares during the last quarter. 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.