Canopy Growth Corporation (NASDAQ:CGC) Sees Significant Increase in Short Interest

Canopy Growth Corporation (NASDAQ:CGC) saw a significant growth in short interest in October. As of October 15th, there was short interest totaling 30,720,000 shares, a growth of 35.5% from the September 30th total of 22,670,000 shares. Approximately 10.0% of the company’s stock are short sold. Based on an average trading volume of 24,240,000 shares, the short-interest ratio is presently 1.3 days. Based on an average trading volume of 24,240,000 shares, the short-interest ratio is presently 1.3 days. Approximately 10.0% of the company’s stock are short sold.

Canopy Growth Price Performance

Shares of CGC stock traded down $0.04 during mid-day trading on Monday, reaching $1.21. The company’s stock had a trading volume of 14,025,029 shares, compared to its average volume of 13,469,051. Canopy Growth has a 1-year low of $0.77 and a 1-year high of $5.80. The company has a market cap of $289.02 million, a P/E ratio of -0.40 and a beta of 0.71. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.12 and a current ratio of 3.07. The firm’s 50-day moving average is $1.41 and its two-hundred day moving average is $1.36.

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

Insider Activity at Canopy Growth

In other Canopy Growth news, CEO Luc Mongeau bought 27,469 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was bought at an average cost of $1.82 per share, with a total value of $49,993.58. Following the completion of the transaction, the chief executive officer directly owned 812,368 shares of the company’s stock, valued at approximately $1,478,509.76. The trade was a 3.50% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christelle Gedeon sold 16,929 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $1.74, for a total transaction of $29,456.46. Following the completion of the sale, the insider directly owned 368,488 shares of the company’s stock, valued at $641,169.12. This represents a 4.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 50,300 shares of company stock valued at $84,373 over the last three months. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Canopy Growth

Several large investors have recently made changes to their positions in the company. Boothbay Fund Management LLC bought a new stake in Canopy Growth during the 2nd quarter worth about $30,000. Wealth Enhancement Advisory Services LLC grew its stake in Canopy Growth by 81.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock valued at $41,000 after acquiring an additional 14,498 shares during the period. Mackenzie Financial Corp raised its holdings in 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 buying an additional 18,202 shares during the period. Genesee Capital Advisors LLC raised its holdings in Canopy Growth by 166.1% during the 3rd quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock worth $58,000 after buying an additional 25,000 shares during the period. Finally, Osaic Holdings Inc. boosted its position in shares of Canopy Growth by 77.6% during the second quarter. Osaic Holdings Inc. now owns 75,335 shares of the company’s stock worth $92,000 after buying an additional 32,927 shares during the period. Institutional investors own 3.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CGC. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Canopy Growth to a “hold” rating in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently 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.