Canopy Growth (NASDAQ:CGC) Trading Down 7%

Canopy Growth Co. (NASDAQ:CGC - Get Free Report)'s stock price traded down 7% during trading on Monday . The stock traded as low as $8.10 and last traded at $8.29. 7,074,280 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 9,772,739 shares. The stock had previously closed at $8.91.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Sanford C. Bernstein raised their price objective on shares of Canopy Growth to $5.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 31st. Piper Sandler reduced 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 report on Monday, February 12th.

Canopy Growth Stock Down 6.6 %

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 market cap of $833.91 million, a PE ratio of -0.55 and a beta of 1.37. The firm has a fifty day moving average of $6.07 and a 200 day moving average of $5.51.

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 (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 business had revenue of $57.67 million during the quarter, compared to analyst estimates of $53.25 million. On average, equities research analysts anticipate that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Canopy Growth by 197.5% during 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 period. Sycomore Asset Management acquired a new stake in Canopy Growth during the 3rd quarter worth approximately $39,000. Redmont Wealth Advisors LLC acquired a new stake in Canopy Growth during the 3rd quarter worth approximately $39,000. Genesee Capital Advisors LLC acquired a new position in shares of Canopy Growth in the third quarter valued at approximately $40,000. Finally, Lake Street Financial LLC raised its stake in shares of Canopy Growth by 43.7% during the third quarter. Lake Street Financial LLC now owns 77,400 shares of the company's stock worth $63,000 after purchasing an additional 23,550 shares during the last quarter. 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.