Canopy Growth Sees Unusually High Options Volume (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) was the target of some unusual options trading activity on Thursday. Investors bought 41,923 call options on the company. This is an increase of approximately 44% compared to the typical volume of 29,147 call options.

Analysts Set New Price Targets

CGC has been the subject of a number of research analyst reports. Sanford C. Bernstein upped their price objective on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st. Piper Sandler cut 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.

Canopy Growth Price Performance

NASDAQ:CGC traded up $1.38 during mid-day trading on Thursday, hitting $7.87. The company’s stock had a trading volume of 12,690,137 shares, compared to its average volume of 9,739,670. Canopy Growth has a fifty-two week low of $2.76 and a fifty-two week high of $19.20. The company has a current ratio of 1.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $717.04 million, a price-to-earnings ratio of -0.52 and a beta of 1.39. The stock has a fifty day moving average of $5.32 and a 200-day moving average of $5.44.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data 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). The firm had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. As a group, equities analysts forecast that Canopy Growth will post -6.14 EPS for the current fiscal year.

Institutional Trading of Canopy Growth

Several hedge funds have recently modified their holdings of CGC. Lord Abbett & CO. LLC acquired a new stake in shares of Canopy Growth during the third quarter worth approximately $18,140,000. Vanguard Group Inc. grew its stake in shares of Canopy Growth by 26.3% during the third quarter. Vanguard Group Inc. now owns 10,233,037 shares of the company’s stock valued at $27,936,000 after purchasing an additional 2,133,358 shares during the last quarter. Two Sigma Advisers LP grew its stake in shares of Canopy Growth by 148.4% during the third quarter. Two Sigma Advisers LP now owns 2,874,400 shares of the company’s stock valued at $7,847,000 after purchasing an additional 1,717,300 shares during the last quarter. HRT Financial LP grew its stake in shares of Canopy Growth by 2,989.7% during the first quarter. HRT Financial LP now owns 1,036,372 shares of the company’s stock valued at $1,813,000 after purchasing an additional 1,002,829 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake 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 valued at $654,000 after purchasing an additional 666,800 shares during the last quarter. Institutional investors and hedge funds 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.