Canopy Growth (NASDAQ:CGC) Shares Down 4.3%

Canopy Growth Co. (NASDAQ:CGC - Get Free Report) shares fell 4.3% on Thursday . The company traded as low as $8.64 and last traded at $8.73. 1,864,659 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 9,716,122 shares. The stock had previously closed at $9.12.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CGC shares. Piper Sandler decreased their price target 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 Trading Down 10.6 %

The firm has a market cap of $742.59 million, a P/E ratio of -0.54 and a beta of 1.39. The firm's fifty day moving average is $5.12 and its two-hundred day moving average is $5.51. The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96.

Canopy Growth (NASDAQ:CGC - Get Free Report) last released 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). 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 during the quarter, compared to the consensus estimate of $53.25 million. Analysts predict that Canopy Growth Co. will post -6.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

Large investors have recently modified their holdings of the stock. Founders Financial Securities LLC raised its position in shares of Canopy Growth by 112.3% in the 3rd 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 during the last quarter. Tower Research Capital LLC TRC raised its position in Canopy Growth by 144.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company's stock worth $26,000 after buying an additional 39,861 shares during the last quarter. First Republic Investment Management Inc. purchased a new position in Canopy Growth in the 2nd quarter worth about $31,000. Vanguard Personalized Indexing Management LLC raised its position in Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company's stock worth $34,000 after buying an additional 28,666 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in Canopy Growth in the 1st quarter worth about $37,000. Hedge funds and other 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.