Canopy Growth (NASDAQ:CGC) Announces Earnings Results

Canopy Growth (NASDAQ:CGC) posted its quarterly earnings results on Friday. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.10, Zacks reports. The company had revenue of $47.86 million for the quarter, compared to the consensus estimate of $71.82 million. Canopy Growth had a negative net margin of 155.76% and a negative return on equity of 89.93%.

Canopy Growth Stock Up 7.3%

Canopy Growth stock opened at $1.17 on Friday. The company has a quick ratio of 2.12, a current ratio of 3.07 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $280.62 million, a PE ratio of -0.60 and a beta of 0.82. The firm’s fifty day moving average is $1.37 and its 200 day moving average is $1.36. Canopy Growth has a 12-month low of $0.77 and a 12-month high of $4.54.

Insider Buying and Selling

In related news, insider Christelle Gedeon sold 16,929 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $1.74, for a total value of $29,456.46. Following the transaction, the insider owned 368,488 shares of the company’s stock, valued at approximately $641,169.12. This trade represents a 4.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Luc Mongeau purchased 27,469 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were bought at an average price of $1.82 per share, with a total value of $49,993.58. Following the purchase, the chief executive officer directly owned 812,368 shares in the company, valued at approximately $1,478,509.76. The trade was a 3.50% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have sold 50,300 shares of company stock worth $84,373. 0.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Canopy Growth

Several large investors have recently bought and sold shares of CGC. Two Sigma Securities LLC boosted its holdings in Canopy Growth by 4.4% during the second quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock worth $343,000 after purchasing an additional 11,942 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in Canopy Growth in the 2nd quarter valued at about $30,000. Osaic Holdings Inc. lifted its position in shares of Canopy Growth by 77.6% during the 2nd quarter. Osaic Holdings Inc. now owns 75,335 shares of the company’s stock worth $92,000 after buying an additional 32,927 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Canopy Growth by 64.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock worth $301,000 after buying an additional 129,620 shares during the last quarter. Finally, Murchinson Ltd. purchased a new position in shares of Canopy Growth in the 2nd quarter worth approximately $183,000. 3.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, October 8th. Zacks Research raised shares of Canopy Growth to a “hold” rating in a research note on Tuesday, August 12th. Finally, Wall Street Zen raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday. 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, the company presently 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.