Canopy Growth (NASDAQ:CGC) Trading 16.5% Higher

Canopy Growth Co. (NASDAQ:CGC) rose 16.5% on Thursday . The company traded as high as $7.60 and last traded at $7.56. Approximately 4,203,761 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 9,616,884 shares. The stock had previously closed at $6.49.

Analyst Upgrades and Downgrades

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

Canopy Growth Trading Up 1.3 %

The firm’s 50-day simple moving average is $5.48 and its 200 day simple moving average is $5.46. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79.

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

Institutional Investors Weigh In On Canopy Growth

Institutional investors and hedge funds have recently modified their holdings of the company. Founders Financial Securities LLC raised its holdings in Canopy Growth by 112.3% in the 3rd quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock valued at $26,000 after acquiring an additional 17,500 shares during the period. Tower Research Capital LLC TRC raised its holdings in Canopy Growth by 144.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock valued at $26,000 after acquiring an additional 39,861 shares during the period. First Republic Investment Management Inc. bought a new position in Canopy Growth in the 2nd quarter valued at about $31,000. Vanguard Personalized Indexing Management LLC raised its holdings in Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after acquiring an additional 28,666 shares during the period. Finally, Balyasny Asset Management L.P. bought a new position in Canopy Growth in the 1st quarter valued at about $37,000. 3.33% of the stock is owned by institutional investors.

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.