Canopy Growth (NASDAQ:CGC) Stock Price Down 7.9%

Canopy Growth Co. (NASDAQ:CGC - Get Free Report) shares dropped 7.9% during trading on Wednesday . The company traded as low as $6.17 and last traded at $6.17. Approximately 2,080,375 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 9,631,632 shares. The stock had previously closed at $6.70.

Analyst Ratings Changes

CGC has been the subject of a number of research analyst reports. 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. Piper Sandler cut their target price on shares of Canopy Growth from $5.00 to $3.00 and set an "underperform" rating for the company in a research note on Monday, February 12th.

Canopy Growth Stock Down 3.1 %

The business's 50 day moving average is $5.32 and its 200 day moving average is $5.44. 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 stock has a market cap of $591.30 million, a price-to-earnings ratio of -0.43 and a beta of 1.39.

Canopy Growth (NASDAQ:CGC - Get Free Report) last posted 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 business had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. Equities analysts expect that Canopy Growth Co. will post -6.14 earnings per share for the current year.

Institutional Investors Weigh In On Canopy Growth

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Founders Financial Securities LLC boosted its position in Canopy Growth by 112.3% during the third quarter. Founders Financial Securities LLC now owns 33,087 shares of the company's stock valued at $26,000 after purchasing an additional 17,500 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Canopy Growth by 144.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company's stock valued at $26,000 after buying an additional 39,861 shares during the last quarter. First Republic Investment Management Inc. bought a new stake in shares of Canopy Growth in the 2nd quarter valued at approximately $31,000. Vanguard Personalized Indexing Management LLC increased its holdings 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 worth $34,000 after buying an additional 28,666 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Canopy Growth during the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 3.33% of the company's stock.

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.