Canopy Growth (NYSE:CGC) Sees Unusually-High Trading Volume

Canopy Growth Corp (NYSE:CGC) saw an uptick in trading volume on Monday . 19,158,331 shares changed hands during trading, an increase of 190% from the previous session’s volume of 6,611,641 shares.The stock last traded at $21.29 and had previously closed at $18.65.

A number of research firms have weighed in on CGC. Jefferies Financial Group downgraded Canopy Growth from a “hold” rating to an “underperform” rating and set a $25.00 target price on the stock. in a report on Friday, October 11th. Canaccord Genuity restated a “buy” rating on shares of Canopy Growth in a research note on Friday, August 16th. Cantor Fitzgerald reaffirmed a “hold” rating and set a $14.27 price target on shares of Canopy Growth in a research report on Monday. TheStreet cut shares of Canopy Growth from a “c-” rating to a “d+” rating in a research note on Wednesday, October 9th. Finally, Desjardins reissued a “hold” rating on shares of Canopy Growth in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $38.80.

The firm has a 50 day moving average price of $19.19 and a 200 day moving average price of $28.91. The company has a quick ratio of 7.04, a current ratio of 8.38 and a debt-to-equity ratio of 0.10. The stock has a market cap of $7.05 billion, a P/E ratio of -12.80 and a beta of 3.60.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Thursday, November 14th. The marijuana producer reported ($0.82) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.27) by ($0.55). The company had revenue of $58.03 million for the quarter, compared to the consensus estimate of $77.10 million. Canopy Growth had a negative net margin of 542.66% and a negative return on equity of 13.44%. Equities analysts predict that Canopy Growth Corp will post -1.5 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC acquired a new position in Canopy Growth during the 3rd quarter worth approximately $948,000. IHT Wealth Management LLC lifted its holdings in shares of Canopy Growth by 34.6% during the 3rd quarter. IHT Wealth Management LLC now owns 28,113 shares of the marijuana producer’s stock worth $645,000 after acquiring an additional 7,230 shares during the period. Wealthsource Partners LLC lifted its holdings in shares of Canopy Growth by 245.0% during the 3rd quarter. Wealthsource Partners LLC now owns 21,123 shares of the marijuana producer’s stock worth $484,000 after acquiring an additional 15,000 shares during the period. Penserra Capital Management LLC acquired a new stake in shares of Canopy Growth in the third quarter worth approximately $359,000. Finally, Pictet Asset Management Ltd. boosted its position in shares of Canopy Growth by 1.7% in the third quarter. Pictet Asset Management Ltd. now owns 78,871 shares of the marijuana producer’s stock worth $1,808,000 after acquiring an additional 1,300 shares during the last quarter. Institutional investors own 10.16% of the company’s stock.

Canopy Growth Company Profile (NYSE:CGC)

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.

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