Canopy Growth Co. (NASDAQ:CGC – Get Free Report)’s share price fell 7.9% during mid-day trading on Wednesday . The company traded as low as $6.17 and last traded at $6.17. 2,080,375 shares were traded during mid-day trading, a decline of 78% from the average session volume of 9,631,632 shares. The stock had previously closed at $6.70.
Analyst Ratings Changes
A number of equities analysts have weighed in on CGC shares. Piper Sandler reduced their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research report on Monday, February 12th. Sanford C. Bernstein upped their price target on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 31st.
Read Our Latest Analysis on Canopy Growth
Canopy Growth Trading Down 6.7 %
Canopy Growth (NASDAQ:CGC – Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $53.25 million. Analysts predict that Canopy Growth Co. will post -6.14 EPS for the current year.
Institutional Investors Weigh In On Canopy Growth
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CGC. Lord Abbett & CO. LLC purchased a new position in shares of Canopy Growth during the third quarter worth $18,140,000. Vanguard Group Inc. boosted its holdings in Canopy Growth by 26.3% during the 3rd quarter. Vanguard Group Inc. now owns 10,233,037 shares of the company’s stock valued at $27,936,000 after acquiring an additional 2,133,358 shares during the period. Two Sigma Advisers LP grew its position in Canopy Growth by 148.4% in the 3rd quarter. Two Sigma Advisers LP now owns 2,874,400 shares of the company’s stock valued at $7,847,000 after acquiring an additional 1,717,300 shares in the last quarter. HRT Financial LP increased its stake in Canopy Growth by 2,989.7% during the first quarter. HRT Financial LP now owns 1,036,372 shares of the company’s stock worth $1,813,000 after purchasing an additional 1,002,829 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of Canopy Growth by 65.4% during the second quarter. Goldman Sachs Group Inc. now owns 1,687,125 shares of the company’s stock worth $654,000 after purchasing an additional 666,800 shares in the last quarter. 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.
See Also
- Five stocks we like better than Canopy Growth
- What Investors Must Know About Over-the-Counter (OTC) Stocks
- Predicting a Bear Market: 7 Signs and Why it’s Tough to Do
- Investing In Preferred Stock vs. Common Stock
- Abbott Laboratories Outlook is Healthy: Buy the Dip
- How to Use High Beta Stocks to Maximize Your Investing Profits
- ASML Fires Warning Shot For Tech Investors
Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.