Christelle Gedeon Sells 58,994 Shares of Canopy Growth (NASDAQ:CGC) Stock

Canopy Growth Corporation (NASDAQ:CGC) insider Christelle Gedeon sold 58,994 shares of Canopy Growth stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $57,224.18. Following the completion of the sale, the insider directly owned 705,506 shares of the company’s stock, valued at approximately $684,340.82. The trade was a 7.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Canopy Growth Stock Down 1.0%

Shares of CGC stock traded down $0.01 during trading hours on Monday, reaching $0.96. The company had a trading volume of 3,924,601 shares, compared to its average volume of 10,644,430. Canopy Growth Corporation has a 12 month low of $0.84 and a 12 month high of $2.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.34 and a quick ratio of 2.64. The business has a fifty day simple moving average of $1.08 and a 200-day simple moving average of $1.13. The company 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The business had revenue of $51.22 million for the quarter, compared to analysts’ expectations of $53.43 million. Canopy Growth had a negative net margin of 75.27% and a negative return on equity of 26.95%. On average, research analysts expect that Canopy Growth Corporation will post -0.11 earnings per share for the current fiscal year.

Institutional Trading of Canopy Growth

A number of institutional investors have recently made changes to their positions in the stock. Two Sigma Securities LLC increased its stake in shares of Canopy Growth by 4.4% during the second 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 period. Lake Street Private Wealth LLC grew its position in shares of Canopy Growth by 16.9% in the 4th quarter. Lake Street Private Wealth LLC now owns 90,300 shares of the company’s stock worth $103,000 after buying an additional 13,050 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Canopy Growth by 23.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company’s stock worth $84,000 after acquiring an additional 13,814 shares in the last quarter. Boothbay Fund Management LLC purchased a new position in Canopy Growth during the 2nd quarter valued at about $30,000. Finally, Octavia Wealth Advisors LLC purchased a new position in Canopy Growth during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CGC shares. Wall Street Zen lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Sunday, March 29th. 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. Canaccord Genuity Group initiated coverage on shares of Canopy Growth in a report on Friday, March 27th. They issued a “buy” rating on the stock. Finally, ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Canopy Growth presently has a consensus rating of “Hold”.

Canopy Growth Company Profile

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.