Stock Traders Buy Large Volume of Call Options on Canopy Growth (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) saw some unusual options trading on Wednesday. Stock traders bought 48,090 call options on the stock. This is an increase of 211% compared to the average daily volume of 15,480 call options.

Wall Street Analysts Forecast Growth

Separately, Atb Cap Markets lowered Canopy Growth from a “hold” rating to a “strong sell” rating in a research note on Monday, December 16th.

Institutional Trading of Canopy Growth

Institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC bought a new position in Canopy Growth during the 3rd quarter worth approximately $1,882,000. Alberta Investment Management Corp acquired a new position in shares of Canopy Growth in the 4th quarter valued at $264,000. Squarepoint Ops LLC increased its position in shares of Canopy Growth by 168.6% in the 2nd quarter. Squarepoint Ops LLC now owns 91,227 shares of the company’s stock valued at $588,000 after buying an additional 57,262 shares in the last quarter. Centiva Capital LP acquired a new stake in Canopy Growth during the 3rd quarter worth $257,000. Finally, Stratos Wealth Advisors LLC bought a new position in Canopy Growth during the third quarter worth about $97,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Stock Up 22.2 %

Shares of NASDAQ:CGC opened at $2.53 on Thursday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.39 and a quick ratio of 1.07. The stock has a market cap of $329.99 million, a price-to-earnings ratio of -0.51 and a beta of 0.86. The company has a 50 day moving average of $2.76 and a 200-day moving average of $4.34. Canopy Growth has a one year low of $1.85 and a one year high of $14.92.

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.