Canopy Growth (NASDAQ:CGC) Sees Strong Trading Volume

Canopy Growth Co. (NASDAQ:CGC - Get Free Report) shares saw an uptick in trading volume on Tuesday . 33,300,195 shares were traded during mid-day trading, an increase of 232% from the previous session's volume of 10,044,946 shares.The stock last traded at $11.57 and had previously closed at $8.32.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CGC shares. Piper Sandler lowered their price target 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 increased their target price on Canopy Growth to $5.00 and gave the company a "market perform" rating in a research note on Wednesday, January 31st.

Canopy Growth Price Performance

The business has a fifty day moving average of $6.07 and a 200-day moving average of $5.51. 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 firm has a market capitalization of $1.49 billion, a P/E ratio of -0.63 and a beta of 1.37.

Canopy Growth (NASDAQ:CGC - Get Free Report) last issued 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 firm had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. On average, sell-side analysts forecast that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

Large investors have recently added to or reduced their stakes in the stock. Gainplan LLC acquired a new stake in Canopy Growth in the 1st quarter valued at approximately $302,000. Genesee Capital Advisors LLC increased its position in Canopy Growth by 29.9% during the first quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company's stock worth $113,000 after acquiring an additional 3,000 shares during the period. PCG Wealth Advisors LLC raised its stake in Canopy Growth by 73.6% during the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company's stock valued at $271,000 after purchasing an additional 13,300 shares during the last quarter. Lord Abbett & CO. LLC acquired a new stake in Canopy Growth in the 3rd quarter worth $18,140,000. Finally, Vanguard Personalized Indexing Management LLC increased its position 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 valued at $34,000 after purchasing an additional 28,666 shares during the period. 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.

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