Canopy Growth (NASDAQ:CGC) CEO Luc Mongeau Sells 135,231 Shares of Stock

Canopy Growth Corporation (NASDAQ:CGC) CEO Luc Mongeau sold 135,231 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $131,174.07. Following the sale, the chief executive officer directly owned 1,723,913 shares of the company’s stock, valued at $1,672,195.61. The trade was a 7.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Canopy Growth Stock Down 1.0%

NASDAQ CGC traded down $0.01 on Monday, hitting $0.96. The stock had a trading volume of 3,924,601 shares, compared to its average volume of 10,644,430. The business’s fifty day moving average price is $1.08 and its 200 day moving average price is $1.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.34 and a quick ratio of 2.64. Canopy Growth Corporation has a 52-week low of $0.84 and a 52-week high of $2.38. The stock has a market cap of $386.78 million, a price-to-earnings ratio of -1.62 and a beta of 0.77.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Monday, June 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Canopy Growth had a negative return on equity of 26.95% and a negative net margin of 75.27%.The business had revenue of $51.22 million for the quarter, compared to analyst estimates of $53.43 million. Equities research analysts anticipate that Canopy Growth Corporation will post -0.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Canaccord Genuity Group began coverage on Canopy Growth in a research note on Friday, March 27th. They issued a “buy” rating for the company. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research note on Tuesday, March 17th. Wall Street Zen downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Sunday, March 29th. Finally, Weiss Ratings lowered shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 15th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold”.

Hedge Funds Weigh In On Canopy Growth

Several hedge funds have recently made changes to their positions in the company. Royal Bank of Canada grew its stake in Canopy Growth by 1,115.6% during the 1st quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock valued at $927,000 after purchasing an additional 895,680 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Canopy Growth in the first quarter valued at about $1,716,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Canopy Growth by 723.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after purchasing an additional 4,037,281 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Canopy Growth during the fourth quarter worth about $117,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Canopy Growth by 173.0% during the fourth quarter. Mackenzie Financial Corp now owns 305,578 shares of the company’s stock worth $354,000 after purchasing an additional 193,633 shares during the period. 3.33% of the stock is owned by institutional investors and hedge funds.

About Canopy Growth

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.