Canopy Growth Co. (NASDAQ:CGC) Short Interest Update

Canopy Growth Co. (NASDAQ:CGCGet Free Report) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totalling 9,230,000 shares, an increase of 16.0% from the September 30th total of 7,960,000 shares. Based on an average daily volume of 3,740,000 shares, the short-interest ratio is presently 2.5 days. Currently, 11.0% of the shares of the stock are sold short.

Canopy Growth Stock Performance

CGC opened at $5.40 on Tuesday. The company has a market cap of $506.84 million, a price-to-earnings ratio of -0.77 and a beta of 0.86. The firm’s fifty day simple moving average is $4.84 and its two-hundred day simple moving average is $6.79. The company has a quick ratio of 1.64, a current ratio of 2.15 and a debt-to-equity ratio of 1.05. Canopy Growth has a 52-week low of $2.76 and a 52-week high of $14.92.

Canopy Growth (NASDAQ:CGCGet Free Report) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.37) earnings per share 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 company had revenue of $48.39 million during the quarter, compared to analysts’ expectations of $51.82 million. Equities analysts anticipate that Canopy Growth will post -1.42 earnings per share for the current fiscal year.

Institutional Trading of Canopy Growth

Large investors have recently made changes to their positions in the company. PFG Investments LLC acquired a new stake in Canopy Growth during the 3rd quarter worth $54,000. Financial Advocates Investment Management purchased a new stake in Canopy Growth during the 3rd quarter valued at about $57,000. CIBC Asset Management Inc acquired a new stake in Canopy Growth in the 2nd quarter valued at about $91,000. Vontobel Holding Ltd. purchased a new position in Canopy Growth in the 3rd quarter worth approximately $92,000. Finally, Insigneo Advisory Services LLC acquired a new position in shares of Canopy Growth during the 2nd quarter worth approximately $96,000. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Check Out Our Latest Research Report on Canopy Growth

Canopy Growth Company Profile

(Get Free Report)

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.

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