Canopy Growth Sees Unusually High Options Volume (NASDAQ:CGC)

Canopy Growth Corporation (NASDAQ:CGC) was the recipient of unusually large options trading activity on Friday. Investors acquired 43,864 call options on the company. This represents an increase of 77% compared to the typical volume of 24,748 call options.

Canopy Growth Price Performance

NASDAQ CGC opened at $1.74 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.23 and a current ratio of 5.50. The company has a market capitalization of $641.12 million, a price-to-earnings ratio of -0.89 and a beta of 0.40. The stock has a 50-day moving average of $1.24 and a 200 day moving average of $1.30. Canopy Growth has a one year low of $0.77 and a one year high of $3.18.

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

Insider Buying and Selling

In other Canopy Growth news, CEO Luc Mongeau purchased 27,469 shares of the stock in a transaction on Monday, September 22nd. The stock was acquired at an average cost of $1.82 per share, with a total value of $49,993.58. Following the completion of the purchase, the chief executive officer directly owned 812,368 shares of the company’s stock, valued at approximately $1,478,509.76. This trade represents a 3.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders have sold 23,075 shares of company stock valued at $36,459. 0.16% of the stock is owned by company insiders.

Institutional Trading of Canopy Growth

A number of hedge funds have recently bought and sold shares of CGC. Virtu Financial LLC purchased a new stake in Canopy Growth during the 1st quarter valued at approximately $255,000. TD Asset Management Inc lifted its holdings in shares of Canopy Growth by 58.5% in the second quarter. TD Asset Management Inc now owns 178,719 shares of the company’s stock worth $220,000 after buying an additional 65,998 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Canopy Growth by 81.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after acquiring an additional 14,498 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in shares of Canopy Growth by 47.6% during the second quarter. SBI Securities Co. Ltd. now owns 532,541 shares of the company’s stock worth $650,000 after acquiring an additional 171,803 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Canopy Growth by 64.6% during the first quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock valued at $301,000 after acquiring an additional 129,620 shares in the last quarter. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CGC shares. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Finally, Benchmark raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Monday, November 10th. Two analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Canopy Growth has a consensus rating of “Strong Sell”.

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.