Canopy Growth (NASDAQ:CGC) Shares Gap Up – Here’s Why

Canopy Growth Corporation (NASDAQ:CGC) shares gapped up prior to trading on Thursday . The stock had previously closed at $1.92, but opened at $2.10. Canopy Growth shares last traded at $2.3380, with a volume of 31,691,982 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CGC shares. Benchmark upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, November 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a research note on Monday. Three analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Canopy Growth presently has an average rating of “Reduce”.

Canopy Growth Price Performance

The firm has a market cap of $841.93 million, a PE ratio of -1.17 and a beta of 0.40. The company has a current ratio of 5.50, a quick ratio of 4.23 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average price of $1.26 and a 200 day moving average price of $1.30.

Canopy Growth (NASDAQ:CGC) last posted its earnings results on Friday, November 7th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.10. 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 return on equity of 61.97% and a negative net margin of 113.21%. On average, sell-side analysts expect that Canopy Growth Corporation will post -2.81 EPS for the current year.

Insider Activity

In other Canopy Growth news, CEO Luc Mongeau acquired 27,469 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost 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. This trade represents a 3.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 23,075 shares of company stock valued at $36,459 over the last quarter. 0.16% of the stock is owned by corporate insiders.

Institutional Trading of Canopy Growth

Large investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC raised its stake in Canopy Growth by 35,753.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 100,032 shares of the company’s stock valued at $146,000 after purchasing an additional 99,753 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Canopy Growth during the third quarter worth about $148,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Canopy Growth in the third quarter valued at approximately $815,000. Sender Co & Partners Inc. acquired a new position in shares of Canopy Growth in the third quarter valued at approximately $63,000. Finally, Millennium Management LLC lifted its stake in shares of Canopy Growth by 196.9% during the third quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock valued at $4,579,000 after buying an additional 2,080,994 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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.