Canopy Growth Co. (NASDAQ:CGC – Get Free Report) fell 7% during mid-day trading on Monday . The company traded as low as $8.10 and last traded at $8.29. 7,074,280 shares changed hands during trading, a decline of 28% from the average session volume of 9,772,739 shares. The stock had previously closed at $8.91.
Analysts Set New Price Targets
Several analysts have recently commented on CGC shares. Sanford C. Bernstein increased their target price on Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st. Piper Sandler reduced their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a research note on Monday, February 12th.
Read Our Latest Report on Canopy Growth
Canopy Growth Stock Down 6.6 %
Canopy Growth (NASDAQ:CGC – Get Free Report) last announced its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The firm had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. On average, equities research analysts forecast that Canopy Growth Co. will post -6.14 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Canopy Growth
Several hedge funds have recently bought and sold shares of CGC. Lord Abbett & CO. LLC acquired a new position in Canopy Growth during the third quarter worth about $18,140,000. Commonwealth Equity Services LLC boosted its position in Canopy Growth by 83.3% in the third quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock valued at $426,000 after buying an additional 247,407 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Canopy Growth by 26.2% during the third quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock worth $298,000 after buying an additional 79,639 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Canopy Growth by 30.7% in the 3rd quarter. Mackenzie Financial Corp now owns 173,330 shares of the company’s stock worth $136,000 after purchasing an additional 40,675 shares in the last quarter. Finally, FinTrust Capital Advisors LLC grew its holdings in shares of Canopy Growth by 89.2% during the third quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company’s stock worth $91,000 after purchasing an additional 55,000 shares during the last quarter. 3.33% of the stock is owned by institutional investors.
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.
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