Canopy Growth Co. (NASDAQ:CGC) Short Interest Up 6.4% in September

Canopy Growth Co. (NASDAQ:CGC) saw a large growth in short interest in September. As of September 30th, there was short interest totalling 7,960,000 shares, a growth of 6.4% from the September 15th total of 7,480,000 shares. Based on an average trading volume of 3,670,000 shares, the short-interest ratio is currently 2.2 days. Approximately 9.5% of the company’s stock are sold short.

Canopy Growth Stock Performance

NASDAQ:CGC traded up $0.05 during mid-day trading on Thursday, reaching $4.31. The stock had a trading volume of 2,357,813 shares, compared to its average volume of 7,674,837. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.64 and a current ratio of 2.15. Canopy Growth has a twelve month low of $2.76 and a twelve month high of $14.92. The firm has a market capitalization of $404.54 million, a price-to-earnings ratio of -0.61 and a beta of 0.86. The business has a 50 day simple moving average of $5.14 and a 200 day simple moving average of $7.05.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Friday, August 9th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.06). Canopy Growth had a negative net margin of 240.19% and a negative return on equity of 73.30%. The business had revenue of $48.39 million during the quarter, compared to analyst estimates of $51.82 million. On average, analysts expect that Canopy Growth will post -1.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Piper Sandler dropped their target price on Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, July 9th.

Hedge Funds Weigh In On Canopy Growth

Hedge funds have recently bought and sold shares of the company. Genesee Capital Advisors LLC boosted its stake in shares of Canopy Growth by 15.3% during the second quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock valued at $97,000 after acquiring an additional 2,000 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Canopy Growth by 13.2% during the 2nd quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock worth $214,000 after buying an additional 3,864 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in Canopy Growth by 19.9% in the second quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company’s stock valued at $358,000 after buying an additional 9,226 shares during the period. TD Asset Management Inc boosted its position in shares of Canopy Growth by 16.1% in the second quarter. TD Asset Management Inc now owns 74,758 shares of the company’s stock worth $483,000 after buying an additional 10,376 shares during the period. Finally, PCG Wealth Advisors LLC grew its holdings in Canopy Growth by 73.6% during the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock valued at $271,000 after purchasing an additional 13,300 shares in the last quarter. 3.33% of the stock is owned by hedge funds and other 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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.