Canopy Growth (NASDAQ:CGC) Sees Unusually-High Trading Volume


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Canopy Growth Co. (NASDAQ:CGC) shares saw unusually-strong trading volume on Thursday . Approximately 293,761 shares changed hands during trading, a decline of 96% from the previous session’s volume of 6,656,089 shares.The stock last traded at $28.60 and had previously closed at $29.94.

A number of equities research analysts have recently weighed in on CGC shares. Alliance Global Partners dropped their target price on Canopy Growth from $60.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday. BMO Capital Markets reissued a “market perform” rating on shares of Canopy Growth in a report on Wednesday, February 10th. Zacks Investment Research downgraded Canopy Growth from a “hold” rating to a “sell” rating in a research note on Thursday, February 11th. Jefferies Financial Group downgraded Canopy Growth from a “hold” rating to an “underperform” rating in a research note on Wednesday, February 24th. Finally, Benchmark downgraded Canopy Growth from a “buy” rating to a “hold” rating in a research note on Wednesday, February 10th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Canopy Growth currently has an average rating of “Hold” and a consensus target price of $36.61.

The company has a debt-to-equity ratio of 0.10, a current ratio of 7.06 and a quick ratio of 5.84. The stock has a 50-day simple moving average of $33.76 and a 200-day simple moving average of $30.29. The stock has a market cap of $11.16 billion, a P/E ratio of -8.96 and a beta of 2.44.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Monday, February 8th. The company reported ($2.43) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($2.22). Canopy Growth had a negative net margin of 312.84% and a negative return on equity of 13.11%. The business had revenue of $153.00 million during the quarter, compared to the consensus estimate of $149.94 million. During the same quarter in the prior year, the firm earned ($0.35) EPS. The business’s revenue was up 23.4% on a year-over-year basis. As a group, sell-side analysts forecast that Canopy Growth Co. will post -0.5 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale grew its holdings in shares of Canopy Growth by 18.3% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,572 shares of the company’s stock worth $308,000 after purchasing an additional 1,942 shares during the last quarter. SOA Wealth Advisors LLC. bought a new stake in shares of Canopy Growth during the fourth quarter worth about $30,000. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Canopy Growth by 6.1% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 57,667 shares of the company’s stock worth $1,421,000 after purchasing an additional 3,297 shares during the last quarter. Mufg Securities Canada LTD. bought a new stake in shares of Canopy Growth during the fourth quarter worth about $2,972,000. Finally, Capital Asset Advisory Services LLC bought a new stake in shares of Canopy Growth during the fourth quarter worth about $48,000. Institutional investors own 10.18% of the company’s stock.

Canopy Growth Company Profile (NASDAQ:CGC)

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.

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