Canopy Growth (NASDAQ:CGC) Shares Gap Up to $7.93

Shares of Canopy Growth Co. (NASDAQ:CGC) gapped up prior to trading on Monday . The stock had previously closed at $7.93, but opened at $8.22. Canopy Growth shares last traded at $7.79, with a volume of 3,387,408 shares trading hands.

Wall Street Analysts Forecast Growth

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

Canopy Growth Trading Up 15.0 %

The firm’s fifty day moving average price is $5.67 and its 200 day moving average price is $5.46. The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96.

Canopy Growth (NASDAQ:CGC) last announced its quarterly 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). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The firm had revenue of $57.67 million for the quarter, compared to analysts’ expectations of $53.25 million. On average, research analysts expect that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Institutional Trading of Canopy Growth

A number of hedge funds have recently added to or reduced their stakes in the company. Genesee Capital Advisors LLC boosted its holdings in Canopy Growth by 29.9% during the first quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock worth $113,000 after buying an additional 3,000 shares in the last quarter. PCG Wealth Advisors LLC boosted its holdings 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 buying an additional 13,300 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in Canopy Growth during the third quarter worth $18,140,000. Vanguard Personalized Indexing Management LLC boosted its holdings in Canopy Growth by 197.5% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock worth $34,000 after buying an additional 28,666 shares in the last quarter. Finally, Sycomore Asset Management purchased a new position in Canopy Growth during the third quarter valued at $39,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

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.