Canopy Growth (NASDAQ:CGC) Shares Down 7.9%

Shares of Canopy Growth Co. (NASDAQ:CGC) dropped 7.9% during mid-day trading on Wednesday . The company traded as low as $6.17 and last traded at $6.17. Approximately 2,080,375 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 9,631,632 shares. The stock had previously closed at $6.70.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Sanford C. Bernstein upped their price target on Canopy Growth to $5.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler reduced their price objective on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research report on Monday, February 12th.

Canopy Growth Stock Performance

The stock has a 50 day moving average price of $5.40 and a two-hundred day moving average price of $5.46. The company has a current ratio of 1.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.96. The company has a market cap of $713.39 million, a price-to-earnings ratio of -0.52 and a beta of 1.39.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($1.34). The company had revenue of $57.67 million during the quarter, compared to analyst estimates of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. Analysts predict that Canopy Growth Co. will post -6.14 EPS for the current year.

Institutional Investors Weigh In On Canopy Growth

Several hedge funds have recently bought and sold shares of the company. Founders Financial Securities LLC increased its stake in shares of Canopy Growth by 112.3% during the third quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock worth $26,000 after purchasing an additional 17,500 shares during the period. Tower Research Capital LLC TRC raised its stake in Canopy Growth by 144.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock worth $26,000 after purchasing an additional 39,861 shares in the last quarter. First Republic Investment Management Inc. bought a new stake in Canopy Growth in the 2nd quarter valued at about $31,000. Vanguard Personalized Indexing Management LLC raised its position in shares of Canopy Growth by 197.5% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after buying an additional 28,666 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Canopy Growth in the first quarter valued at approximately $37,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

About Canopy Growth

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 Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.