Canopy Growth (NASDAQ:CGC) Shares Down 7.9%

Shares of Canopy Growth Co. (NASDAQ:CGC) were down 7.9% on Wednesday . The stock traded as low as $6.17 and last traded at $6.17. Approximately 2,080,375 shares traded hands during trading, a decline of 78% from the average daily volume of 9,631,632 shares. The stock had previously closed at $6.70.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Piper Sandler decreased their price target on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a research note on Monday, February 12th. Sanford C. Bernstein increased their price target on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st.

Canopy Growth Stock Performance

The company has a market cap of $713.39 million, a P/E ratio of -0.52 and a beta of 1.39. The business has a fifty day moving average of $5.40 and a 200 day moving average of $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 issued its quarterly earnings data on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($0.45) by ($1.34). The company had revenue of $57.67 million during the quarter, compared to the consensus estimate of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. On average, equities analysts predict that Canopy Growth Co. will post -6.14 EPS for the current year.

Institutional Trading of Canopy Growth

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Canopy Growth by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 241,342 shares of the company’s stock valued at $1,829,000 after purchasing an additional 2,621 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Canopy Growth by 14.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 23,108 shares of the company’s stock valued at $64,000 after buying an additional 2,927 shares in the last quarter. Mariner LLC grew its position in shares of Canopy Growth by 21.5% in the 4th quarter. Mariner LLC now owns 33,550 shares of the company’s stock worth $78,000 after buying an additional 5,927 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Canopy Growth in the 1st quarter worth about $202,000. Finally, Oppenheimer & Co. Inc. lifted its position in Canopy Growth by 53.5% during the 1st quarter. Oppenheimer & Co. Inc. now owns 20,296 shares of the company’s stock valued at $154,000 after acquiring an additional 7,076 shares during the period. 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.