Insider Buying: Canopy Growth (NASDAQ:CGC) CEO Acquires 27,469 Shares of Stock

Canopy Growth Corporation (NASDAQ:CGC) CEO Luc Mongeau purchased 27,469 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The shares were purchased at an average cost of $1.82 per share, with a total value of $49,993.58. Following the completion of the acquisition, the chief executive officer owned 812,368 shares in the company, valued at $1,478,509.76. The trade was a 3.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Canopy Growth Stock Performance

NASDAQ:CGC opened at $1.31 on Wednesday. The stock has a market cap of $314.20 million, a P/E ratio of -0.43 and a beta of 0.77. The stock has a 50 day simple moving average of $1.32 and a 200 day simple moving average of $1.29. The company has a current ratio of 3.07, a quick ratio of 2.12 and a debt-to-equity ratio of 0.59. Canopy Growth Corporation has a 1-year low of $0.77 and a 1-year high of $5.80.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $52.98 million during the quarter, compared to analysts’ expectations of $64.98 million. Canopy Growth had a negative return on equity of 89.93% and a negative net margin of 155.76%. Research analysts anticipate that Canopy Growth Corporation will post -2.81 earnings per share for the current year.

Hedge Funds Weigh In On Canopy Growth

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. raised its holdings in Canopy Growth by 77.6% in the 2nd quarter. Osaic Holdings Inc. now owns 75,335 shares of the company’s stock valued at $92,000 after acquiring an additional 32,927 shares in the last quarter. Two Sigma Securities LLC increased its stake in shares of Canopy Growth by 4.4% in the 2nd quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock valued at $343,000 after purchasing an additional 11,942 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Canopy Growth by 31.5% in the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock valued at $6,141,000 after purchasing an additional 1,204,530 shares during the last quarter. Boothbay Fund Management LLC bought a new position in shares of Canopy Growth in the 2nd quarter valued at $30,000. Finally, Murchinson Ltd. bought a new position in shares of Canopy Growth in the 2nd quarter valued at $183,000. 3.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CGC shares. Piper Sandler reissued an “underweight” rating on shares of Canopy Growth in a report on Friday, May 30th. Zacks Research raised Canopy Growth to a “hold” rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.