Canopy Growth (NASDAQ:CGC) Insider Christelle Gedeon Sells 13,344 Shares

Canopy Growth Corporation (NASDAQ:CGC) insider Christelle Gedeon sold 13,344 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $1.47, for a total value of $19,615.68. Following the completion of the transaction, the insider directly owned 692,162 shares in the company, valued at approximately $1,017,478.14. This trade represents a 1.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Christelle Gedeon also recently made the following trade(s):

• On Wednesday, June 17th, Christelle Gedeon sold 58,994 shares of Canopy Growth stock. The stock was sold at an average price of $0.97, for a total value of $57,224.18.

Canopy Growth Trading Up 1.9%

CGC traded up $0.02 on Tuesday, hitting $1.07. The company had a trading volume of 3,133,336 shares, compared to its average volume of 8,714,521. The company’s fifty day moving average price is $0.96 and its 200 day moving average price is $1.03. Canopy Growth Corporation has a 1 year low of $0.84 and a 1 year high of $2.38. The company has a current ratio of 3.04, a quick ratio of 2.39 and a debt-to-equity ratio of 0.31. The firm has a market cap of $480.75 million, a P/E ratio of -2.38 and a beta of 0.81.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $142.62 million during the quarter, compared to analysts’ expectations of $58.21 million. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. As a group, equities analysts expect that Canopy Growth Corporation will post -0.1 earnings per share for the current year.

Hedge Funds Weigh In On Canopy Growth

Several institutional investors have recently modified their holdings of the business. Lazard Asset Management LLC purchased a new stake in Canopy Growth during the 1st quarter worth about $1,716,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Canopy Growth by 19,571.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after buying an additional 2,011,917 shares during the period. Royal Bank of Canada grew its position in shares of Canopy Growth by 1,115.6% during the first quarter. Royal Bank of Canada now owns 975,967 shares of the company’s stock worth $927,000 after buying an additional 895,680 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Canopy Growth by 723.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock worth $5,239,000 after buying an additional 4,037,281 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft increased its stake in shares of Canopy Growth by 37.0% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 376,844 shares of the company’s stock worth $430,000 after buying an additional 101,754 shares during the period. Institutional investors and hedge funds own 3.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CGC shares. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings lowered Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold”.

Canopy Growth Company Profile

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.