Canopy Growth (NASDAQ:CGC) Insider Sells $10,036.32 in Stock

Canopy Growth Corporation (NASDAQ:CGC) insider Thomas Carlton Stewart sold 5,768 shares of Canopy Growth stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $1.74, for a total value of $10,036.32. Following the sale, the insider owned 68,203 shares of the company’s stock, valued at approximately $118,673.22. This represents a 7.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Canopy Growth Stock Performance

CGC traded up $0.03 on Tuesday, hitting $1.47. The company had a trading volume of 28,487,015 shares, compared to its average volume of 10,352,807. The company’s fifty day moving average price is $1.22 and its 200 day moving average price is $1.30. Canopy Growth Corporation has a 1-year low of $0.77 and a 1-year high of $5.82. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.07 and a quick ratio of 2.12. The stock has a market cap of $352.58 million, a price-to-earnings ratio of -0.49 and a beta of 0.67.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, August 8th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $52.98 million during the quarter, compared to analyst estimates of $64.98 million. Canopy Growth had a negative return on equity of 89.93% and a negative net margin of 155.76%. Equities analysts predict that Canopy Growth Corporation will post -2.81 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on CGC. Piper Sandler reissued an “underweight” rating on shares of Canopy Growth in a research note on Friday, May 30th. Zacks Research upgraded Canopy Growth to a “hold” rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Sell”.

Institutional Investors Weigh In On Canopy Growth

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Two Sigma Securities LLC raised its position in Canopy Growth by 4.4% in the 2nd quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock valued at $343,000 after buying an additional 11,942 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Canopy Growth by 81.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after purchasing an additional 14,498 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Canopy Growth during the 4th quarter worth approximately $41,000. Mackenzie Financial Corp increased its position in shares of Canopy Growth by 56.5% during the 1st quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock worth $47,000 after purchasing an additional 18,202 shares during the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in shares of Canopy Growth during the 2nd quarter worth approximately $30,000. 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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.