Canopy Growth (NASDAQ:CGC) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Canopy Growth (NASDAQ:CGC) posted its quarterly earnings data on Friday. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.10, Zacks reports. Canopy Growth had a negative return on equity of 89.93% and a negative net margin of 155.76%.The company had revenue of $47.86 million during the quarter, compared to analyst estimates of $71.82 million.

Canopy Growth Price Performance

NASDAQ:CGC opened at $1.17 on Friday. Canopy Growth has a one year low of $0.77 and a one year high of $4.54. The stock has a market cap of $280.62 million, a PE ratio of -0.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.12 and a current ratio of 3.07. The stock has a 50 day moving average price of $1.37 and a 200 day moving average price of $1.36.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Research raised shares of Canopy Growth to a “hold” rating in a research note on Tuesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Strong Sell”.

Insider Buying and Selling at Canopy Growth

In other news, insider Christelle Gedeon sold 16,929 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $1.74, for a total value of $29,456.46. Following the completion of the sale, the insider owned 368,488 shares of the company’s stock, valued at $641,169.12. This represents a 4.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Luc Mongeau purchased 27,469 shares of Canopy Growth stock in a transaction dated Monday, September 22nd. The shares were purchased at an average cost of $1.82 per share, for a total transaction of $49,993.58. Following the transaction, the chief executive officer owned 812,368 shares in the company, valued at approximately $1,478,509.76. This trade represents a 3.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders sold 50,300 shares of company stock valued at $84,373. 0.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Canopy Growth

Large investors have recently modified their holdings of the business. Jones Financial Companies Lllp boosted its stake in Canopy Growth by 10,308.3% during the first quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company’s stock worth $882,000 after buying an additional 960,218 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Canopy Growth by 64.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock worth $301,000 after acquiring an additional 129,620 shares during the last quarter. Murchinson Ltd. purchased a new position in shares of Canopy Growth during the 2nd quarter worth approximately $183,000. Boothbay Fund Management LLC purchased a new position in shares of Canopy Growth during the 2nd quarter worth approximately $30,000. Finally, Tidal Investments LLC increased its holdings in Canopy Growth by 31.5% in the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after purchasing an additional 1,204,530 shares during the last quarter. Institutional investors and hedge funds 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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.