Canopy Growth Co. (NASDAQ:CGC – Get Free Report) rose 6.1% on Tuesday . The stock traded as high as $7.94 and last traded at $7.81. Approximately 828,290 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 9,335,813 shares. The stock had previously closed at $7.36.
Analyst Ratings Changes
CGC has been the subject of several research reports. Atb Cap Markets upgraded shares of Canopy Growth to a “hold” rating in a research note on Monday, June 17th. Piper Sandler reduced their target price on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, July 9th.
Get Our Latest Research Report on Canopy Growth
Canopy Growth Trading Down 10.9 %
Canopy Growth (NASDAQ:CGC – Get Free Report) last posted its earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.05. Canopy Growth had a negative net margin of 185.77% and a negative return on equity of 62.67%. The company had revenue of $53.99 million during the quarter, compared to analysts’ expectations of $52.71 million. On average, analysts expect that Canopy Growth Co. will post -1.07 earnings per share for the current fiscal year.
Insider Activity
In other news, Director Willy Kruh sold 3,738 shares of Canopy Growth stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $9.94, for a total value of $37,155.72. Following the completion of the transaction, the director now owns 17,295 shares in the company, valued at $171,912.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders sold 7,545 shares of company stock worth $67,997. Insiders own 0.35% of the company’s stock.
Institutional Trading of Canopy Growth
Hedge funds and other institutional investors have recently modified their holdings of the stock. Genesee Capital Advisors LLC grew its holdings in Canopy Growth by 15.3% during the 2nd quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock worth $97,000 after acquiring an additional 2,000 shares during the period. Commonwealth Equity Services LLC increased its position in shares of Canopy Growth by 19.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company’s stock valued at $358,000 after buying an additional 9,226 shares in the last quarter. PCG Wealth Advisors LLC increased its position in shares of Canopy Growth by 73.6% in the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock valued at $271,000 after buying an additional 13,300 shares in the last quarter. CIBC Asset Management Inc acquired a new position in Canopy Growth in the 2nd quarter worth $91,000. Finally, Concurrent Investment Advisors LLC acquired a new position in Canopy Growth in the 1st quarter worth $289,000. Institutional investors and hedge funds own 3.33% of the company’s stock.
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.
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