Canopy Growth (NASDAQ:CGC) Trading 16.1% Higher – What’s Next?

Shares of Canopy Growth Corporation (NASDAQ:CGC) traded up 16.1% during mid-day trading on Wednesday . The stock traded as high as $2.28 and last traded at $2.1250. 30,916,018 shares were traded during trading, an increase of 95% from the average session volume of 15,843,873 shares. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Alliance Global Partners restated a “neutral” rating on shares of Canopy Growth in a report on Monday. Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Benchmark raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, November 10th. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce”.

Canopy Growth Trading Up 9.0%

The stock has a market cap of $735.08 million, a P/E ratio of -1.04 and a beta of 0.40. The business’s 50 day simple moving average is $1.25 and its 200 day simple moving average is $1.30. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.50 and a quick ratio of 4.23.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.10. The company had revenue of $47.86 million for the quarter, compared to analyst estimates of $71.82 million. Canopy Growth had a negative return on equity of 61.97% and a negative net margin of 113.21%. On average, analysts expect that Canopy Growth Corporation will post -2.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Luc Mongeau bought 27,469 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were purchased at an average price of $1.82 per share, with a total value of $49,993.58. Following the completion of the purchase, the chief executive officer owned 812,368 shares of the company’s stock, valued at $1,478,509.76. This represents a 3.50% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 23,075 shares of company stock valued at $36,459 in the last ninety days. Corporate insiders own 0.16% of the company’s stock.

Institutional Trading of Canopy Growth

Hedge funds have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC raised its holdings in Canopy Growth by 35,753.8% during the third quarter. CIBC Private Wealth Group LLC now owns 100,032 shares of the company’s stock worth $146,000 after acquiring an additional 99,753 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of Canopy Growth during the 3rd quarter worth approximately $148,000. Caitong International Asset Management Co. Ltd bought a new stake in Canopy Growth in the 3rd quarter valued at $815,000. Sender Co & Partners Inc. bought a new position in shares of Canopy Growth in the third quarter valued at about $63,000. Finally, Millennium Management LLC lifted its stake in shares of Canopy Growth by 196.9% during the 3rd quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock worth $4,579,000 after buying an additional 2,080,994 shares during the last quarter. 3.33% of the stock is currently owned by institutional investors and hedge funds.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.