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

Canopy Growth Co. (NASDAQ:CGC) was the recipient of a large decrease in short interest in July. As of July 15th, there was short interest totalling 8,100,000 shares, a decrease of 7.2% from the June 30th total of 8,730,000 shares. Currently, 10.7% of the company’s shares are sold short. Based on an average daily volume of 9,200,000 shares, the days-to-cover ratio is currently 0.9 days.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CGC shares. Piper Sandler lowered their price objective on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, July 9th. Atb Cap Markets raised shares of Canopy Growth to a “hold” rating in a research report on Monday, June 17th.

Insider Buying and Selling

In related news, Director Willy Kruh sold 3,738 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $9.94, for a total transaction of $37,155.72. Following the completion of the sale, the director now owns 17,295 shares of the company’s stock, valued at approximately $171,912.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 7,545 shares of company stock valued at $67,997. 0.35% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Canopy Growth

Several institutional investors and hedge funds have recently made changes to their positions in the business. Genesee Capital Advisors LLC lifted its stake in Canopy Growth by 15.3% during the second quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock worth $97,000 after purchasing an additional 2,000 shares during the last quarter. PCG Wealth Advisors LLC lifted its stake in Canopy Growth by 73.6% during the first quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after purchasing an additional 13,300 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in Canopy Growth during the first quarter worth $289,000. Gainplan LLC bought a new position in Canopy Growth during the first quarter worth $302,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in Canopy Growth during the first quarter worth $475,000. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

Canopy Growth Stock Up 3.3 %

NASDAQ:CGC traded up $0.24 during trading hours on Tuesday, hitting $7.60. The stock had a trading volume of 5,222,218 shares, compared to its average volume of 9,366,105. The company has a current ratio of 1.58, a quick ratio of 1.25 and a debt-to-equity ratio of 0.99. Canopy Growth has a 1-year low of $2.76 and a 1-year high of $19.20. The business has a 50 day simple moving average of $7.35 and a two-hundred day simple moving average of $6.69. The company has a market cap of $615.60 million, a PE ratio of -1.19 and a beta of 0.93.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Thursday, May 30th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.05. The company had revenue of $53.99 million during the quarter, compared to analysts’ expectations of $52.71 million. Canopy Growth had a negative return on equity of 62.67% and a negative net margin of 185.77%. Analysts predict that Canopy Growth will post -1.07 EPS for the current year.

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