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

Canopy Growth Co. (NASDAQ:CGC) saw unusually large options trading activity on Friday. Stock investors purchased 84,497 call options on the company. This represents an increase of approximately 132% compared to the average daily volume of 36,404 call options.

Canopy Growth Trading Down 1.0 %

Shares of Canopy Growth stock opened at $10.24 on Friday. The company has a fifty day simple moving average of $6.73 and a 200-day simple moving average of $5.66. Canopy Growth has a 12-month low of $2.76 and a 12-month high of $19.20. 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 stock has a market cap of $1.04 billion, a price-to-earnings ratio of -0.68 and a beta of 1.10.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($0.45) by ($1.34). Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. The business had revenue of $57.67 million during the quarter, compared to analysts’ expectations of $53.25 million. On average, equities analysts forecast that Canopy Growth will post -6.14 EPS for the current fiscal year.

Institutional Trading of Canopy Growth

Institutional investors and hedge funds have recently bought and sold shares of the business. Lord Abbett & CO. LLC purchased a new position in Canopy Growth during the 3rd quarter worth $18,140,000. Commonwealth Equity Services LLC raised its position in Canopy Growth by 83.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock worth $426,000 after buying an additional 247,407 shares during the last quarter. TD Asset Management Inc raised its position in Canopy Growth by 26.2% during the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock worth $298,000 after buying an additional 79,639 shares during the last quarter. FinTrust Capital Advisors LLC raised its position in Canopy Growth by 89.2% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company’s stock worth $91,000 after buying an additional 55,000 shares during the last quarter. Finally, Genesee Capital Advisors LLC purchased a new position in shares of Canopy Growth in the 3rd quarter valued at about $40,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Analyst Upgrades and Downgrades

CGC has been the subject of several recent analyst reports. Piper Sandler reduced their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research report on Monday, February 12th. Sanford C. Bernstein upped their target price on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st.

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.