Canopy Growth (NASDAQ:CGC) Shares Down 7%

Canopy Growth Co. (NASDAQ:CGC) shares fell 7% on Monday . The stock traded as low as $8.10 and last traded at $8.29. 7,074,280 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 9,772,739 shares. The stock had previously closed at $8.91.

Analysts Set New Price Targets

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

Canopy Growth Stock Down 11.7 %

The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40. The company’s 50-day moving average is $6.30 and its 200 day moving average is $5.56.

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

Institutional Investors Weigh In On Canopy Growth

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC grew its stake in Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after acquiring an additional 28,666 shares during the period. Sycomore Asset Management acquired a new stake in Canopy Growth in the 3rd quarter valued at $39,000. Redmont Wealth Advisors LLC acquired a new stake in Canopy Growth in the 3rd quarter valued at $39,000. Genesee Capital Advisors LLC acquired a new stake in Canopy Growth in the 3rd quarter valued at $40,000. Finally, FinTrust Capital Advisors LLC grew its stake in Canopy Growth by 89.2% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company’s stock valued at $91,000 after acquiring an additional 55,000 shares during the period. 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.