Canopy Growth (NASDAQ:CGC) Trading 17.1% Higher

Canopy Growth Co. (NASDAQ:CGC)’s share price traded up 17.1% during trading on Friday . The company traded as high as $10.24 and last traded at $10.19. 4,441,108 shares traded hands during trading, a decline of 54% from the average session volume of 9,628,395 shares. The stock had previously closed at $8.70.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CGC shares. Piper Sandler cut their price target on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a report on Monday, February 12th. Sanford C. Bernstein lifted their price objective on Canopy Growth to $5.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 31st.

Canopy Growth Stock Performance

The stock has a market cap of $893.05 million, a PE ratio of -0.59 and a beta of 1.39. The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96. The stock has a 50-day moving average of $5.98 and a 200 day moving average of $5.51.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The company had revenue of $57.67 million for the quarter, compared to analysts’ expectations of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. Equities analysts predict that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Canopy Growth

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC acquired a new stake in Canopy Growth during the third quarter worth $18,140,000. Commonwealth Equity Services LLC increased its stake in Canopy Growth by 83.3% during the third quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock worth $426,000 after acquiring an additional 247,407 shares during the last quarter. TD Asset Management Inc increased its stake in 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 acquiring an additional 79,639 shares during the last quarter. Mackenzie Financial Corp increased its stake in Canopy Growth by 30.7% during the third quarter. Mackenzie Financial Corp now owns 173,330 shares of the company’s stock worth $136,000 after acquiring an additional 40,675 shares during the last quarter. Finally, FinTrust Capital Advisors LLC increased its stake in 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 acquiring an additional 55,000 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.