CannTrust Holdings Inc (NYSE:CTST) Short Interest Up 45.4% in August

CannTrust Holdings Inc (NYSE:CTST) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 11,780,000 shares, a growth of 45.4% from the July 31st total of 8,100,000 shares. Based on an average daily trading volume, of 4,210,000 shares, the days-to-cover ratio is presently 2.8 days. Currently, 13.3% of the company’s shares are sold short.

NYSE CTST remained flat at $C$1.61 during trading hours on Friday. 1,639,233 shares of the company’s stock were exchanged, compared to its average volume of 2,746,359. The stock has a fifty day moving average of C$2.02. CannTrust has a 52 week low of C$1.59 and a 52 week high of C$11.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.64 and a quick ratio of 3.38. The company has a market capitalization of $237.69 million, a P/E ratio of -14.64 and a beta of 3.55.

Large investors have recently modified their holdings of the business. TD Asset Management Inc. purchased a new stake in CannTrust during the second quarter worth about $2,121,000. CIBC Asset Management Inc increased its stake in CannTrust by 16.7% during the second quarter. CIBC Asset Management Inc now owns 177,989 shares of the company’s stock worth $892,000 after purchasing an additional 25,485 shares during the period. JW Asset Management LLC purchased a new stake in CannTrust during the first quarter worth about $10,863,000. Swiss National Bank increased its stake in CannTrust by 84.2% during the second quarter. Swiss National Bank now owns 230,100 shares of the company’s stock worth $1,153,000 after purchasing an additional 105,200 shares during the period. Finally, Brookstone Capital Management purchased a new stake in CannTrust during the second quarter worth about $144,000. Institutional investors own 20.71% of the company’s stock.

A number of research firms have commented on CTST. Bank of America cut shares of CannTrust from a “buy” rating to an “underperform” rating and decreased their target price for the company from $9.00 to $4.50 in a research report on Monday, July 8th. Eight Capital cut shares of CannTrust from a “buy” rating to a “neutral” rating in a research report on Monday, July 8th. Paradigm Capital reaffirmed a “buy” rating on shares of CannTrust in a research report on Thursday, May 23rd. Zacks Investment Research cut shares of CannTrust from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Finally, Citigroup began coverage on shares of CannTrust in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $7.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of C$4.83.

About CannTrust

CannTrust Holdings Inc produces and sells medical and recreational cannabis in Canada. It sells dried cannabis and cannabis extracts to the medical patients. CannTrust Holdings Inc was incorporated in 2015 and is headquartered in Vaughan, Canada.

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