Canopy Growth Co. (NASDAQ:CGC) Short Interest Up 6.2% in December

Canopy Growth Co. (NASDAQ:CGC) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 9,760,000 shares, a growth of 6.2% from the November 30th total of 9,190,000 shares. Based on an average daily volume of 5,800,000 shares, the days-to-cover ratio is currently 1.7 days. Approximately 10.0% of the company’s shares are sold short.

Canopy Growth Stock Performance

CGC opened at $2.74 on Thursday. Canopy Growth has a 52 week low of $2.65 and a 52 week high of $14.92. The company has a quick ratio of 1.07, a current ratio of 1.39 and a debt-to-equity ratio of 0.82. The business has a fifty day simple moving average of $3.84 and a 200-day simple moving average of $5.13. The firm has a market cap of $298.50 million, a P/E ratio of -0.56 and a beta of 0.83.

Hedge Funds Weigh In On Canopy Growth

Hedge funds and other institutional investors have recently bought and sold shares of the company. PFG Investments LLC purchased a new position in Canopy Growth in the 3rd quarter valued at approximately $54,000. Sassicaia Capital Advisers LLC purchased a new position in Canopy Growth in the third quarter valued at $54,000. Financial Advocates Investment Management acquired a new position in Canopy Growth during the 3rd quarter worth $57,000. CIBC Asset Management Inc purchased a new stake in Canopy Growth during the 2nd quarter worth about $91,000. Finally, Vontobel Holding Ltd. acquired a new stake in Canopy Growth in the 3rd quarter valued at about $92,000. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Atb Cap Markets cut shares of Canopy Growth from a “hold” rating to a “strong sell” rating in a research report on Monday, December 16th.

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.