Investors Purchase Large Volume of Canopy Growth Call Options (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) saw some unusual options trading activity on Tuesday. Traders purchased 46,018 call options on the stock. This is an increase of approximately 171% compared to the typical daily volume of 17,008 call options.

Canopy Growth Price Performance

CGC stock opened at $4.98 on Wednesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.15 and a quick ratio of 1.64. Canopy Growth has a one year low of $2.76 and a one year high of $14.92. The stock has a market cap of $379.47 million, a PE ratio of -0.78 and a beta of 0.86. The firm has a 50 day simple moving average of $5.01 and a two-hundred day simple moving average of $6.93.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.06). Canopy Growth had a negative net margin of 240.19% and a negative return on equity of 73.30%. The business had revenue of $48.39 million during the quarter, compared to analysts’ expectations of $51.82 million. On average, analysts predict that Canopy Growth will post -1.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Piper Sandler lowered their price target on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th.

Institutional Investors Weigh In On Canopy Growth

Institutional investors have recently made changes to their positions in the business. Genesee Capital Advisors LLC raised its holdings in Canopy Growth by 15.3% during the 2nd quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock valued at $97,000 after buying an additional 2,000 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Canopy Growth by 13.2% during the 2nd quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock valued at $214,000 after buying an additional 3,864 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in Canopy Growth by 19.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company’s stock valued at $358,000 after buying an additional 9,226 shares during the last quarter. TD Asset Management Inc raised its holdings in Canopy Growth by 16.1% during the 2nd quarter. TD Asset Management Inc now owns 74,758 shares of the company’s stock valued at $483,000 after buying an additional 10,376 shares during the last quarter. Finally, PCG Wealth Advisors LLC raised its holdings in Canopy Growth by 73.6% in the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after purchasing an additional 13,300 shares in the last quarter. Hedge funds and other institutional investors 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.