Canopy Growth (NASDAQ:CGC) Shares Up 4.3%

Canopy Growth Co. (NASDAQ:CGC) rose 4.3% during mid-day trading on Wednesday . The company traded as high as $7.93 and last traded at $7.54. Approximately 8,370,173 shares were traded during trading, an increase of 33% from the average daily volume of 6,293,749 shares. The stock had previously closed at $7.23.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Piper Sandler cut their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a report on Monday, February 12th. Sanford C. Bernstein upped their price target on 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 9.6 %

The firm has a 50 day simple moving average of $4.22 and a 200 day simple moving average of $5.67. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, February 9th. The company reported ($1.79) EPS 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 analysts’ expectations of $53.25 million. On average, equities research analysts expect that Canopy Growth Co. will post -5.57 earnings per share for the current year.

Institutional Inflows and Outflows

A number of 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% in the third 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 boosted its holdings in shares of Canopy Growth by 144.2% in the second 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. bought a new stake in Canopy Growth during the second quarter valued at approximately $31,000. Vanguard Personalized Indexing Management LLC increased its holdings in 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 buying an additional 28,666 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Canopy Growth during the 1st quarter worth $37,000. 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.