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

Canopy Growth Co. (NASDAQ:CGC) 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:CGC) 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.

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.