Canopy Growth Co. (NASDAQ:CGC) Short Interest Up 55.7% in February

Canopy Growth Co. (NASDAQ:CGC) was the target of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 14,840,000 shares, an increase of 55.7% from the January 31st total of 9,530,000 shares. Approximately 10.4% of the shares of the company are sold short. Based on an average daily volume of 6,870,000 shares, the days-to-cover ratio is presently 2.2 days.

Wall Street Analysts Forecast Growth

Separately, Atb Cap Markets downgraded Canopy Growth from a “hold” rating to a “strong sell” rating in a research note on Monday, December 16th.

Canopy Growth Stock Performance

Shares of CGC traded up $0.01 during mid-day trading on Tuesday, reaching $1.25. The company had a trading volume of 6,612,105 shares, compared to its average volume of 8,362,816. Canopy Growth has a 52-week low of $1.18 and a 52-week high of $14.92. The company has a quick ratio of 2.58, a current ratio of 3.52 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $194.27 million, a P/E ratio of -0.33 and a beta of 0.86. The stock has a 50 day moving average of $2.19 and a two-hundred day moving average of $3.66.

Hedge Funds Weigh In On Canopy Growth

A number of hedge funds have recently made changes to their positions in CGC. Jones Financial Companies Lllp raised its holdings in shares of Canopy Growth by 222.9% during the fourth quarter. Jones Financial Companies Lllp now owns 9,315 shares of the company’s stock valued at $26,000 after acquiring an additional 6,430 shares during the last quarter. Apollon Wealth Management LLC acquired a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $38,000. Dimensional Fund Advisors LP acquired a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $41,000. Sassicaia Capital Advisers LLC acquired a new stake in shares of Canopy Growth in the third quarter valued at approximately $54,000. Finally, Financial Advocates Investment Management acquired a new stake in shares of Canopy Growth in the third quarter valued at approximately $57,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

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.