Canopy Growth (NASDAQ:CGC) Trading Up 17.1%

Canopy Growth Co. (NASDAQ:CGC - Get Free Report)'s share price traded up 17.1% during mid-day trading on Friday . The company traded as high as $10.24 and last traded at $10.19. 4,441,108 shares were traded during trading, a decline of 54% from the average session volume of 9,628,395 shares. The stock had previously closed at $8.70.

Analyst Ratings Changes

Several analysts recently issued reports on CGC shares. Piper Sandler decreased their price objective on shares of 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 upped 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 Stock Performance

The firm has a market cap of $893.05 million, a price-to-earnings ratio of -0.59 and a beta of 1.39. The firm's 50 day moving average price is $5.98 and its 200-day moving average price is $5.52. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its quarterly earnings data on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing analysts' consensus estimates of ($0.45) by ($1.34). Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. The company had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. On average, analysts anticipate that Canopy Growth Co. will post -6.14 earnings per share for the current year.

Institutional Trading of Canopy Growth

A number of institutional investors and hedge funds have recently modified their holdings of the company. Gainplan LLC acquired a new stake in Canopy Growth during the first quarter worth $302,000. Genesee Capital Advisors LLC boosted its position in shares of Canopy Growth by 29.9% during the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company's stock valued at $113,000 after acquiring an additional 3,000 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake 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 valued at $34,000 after acquiring an additional 28,666 shares during the period. Commonwealth Equity Services LLC lifted its stake in Canopy Growth by 83.3% during the third quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company's stock worth $426,000 after purchasing an additional 247,407 shares during the period. Finally, TD Asset Management Inc boosted its holdings 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 purchasing an additional 79,639 shares in the last quarter. 3.33% of the stock is currently owned by 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.