Canopy Growth Co. (NASDAQ:CGC) Sees Significant Increase in Short Interest

Canopy Growth Co. (NASDAQ:CGCGet Free Report) was the target of a significant increase in short interest in March. As of March 15th, there was short interest totalling 5,290,000 shares, an increase of 15.0% from the February 29th total of 4,600,000 shares. Based on an average daily volume of 6,110,000 shares, the days-to-cover ratio is currently 0.9 days. Currently, 7.2% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

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

Read Our Latest Research Report on CGC

Canopy Growth Stock Performance

Shares of NASDAQ:CGC traded up $0.82 during midday trading on Tuesday, reaching $8.35. 32,813,211 shares of the company traded hands, compared to its average volume of 8,383,564. 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 has a 12 month low of $2.76 and a 12 month high of $19.20. The firm has a market capitalization of $760.77 million, a price-to-earnings ratio of -0.57 and a beta of 1.37. The firm’s fifty day moving average price is $4.37 and its two-hundred day moving average price is $5.48.

Canopy Growth (NASDAQ:CGCGet Free Report) last announced its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The business 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 expect that Canopy Growth will post -5.57 earnings per share for the current year.

Hedge Funds Weigh In On Canopy Growth

Institutional investors have recently added to or reduced their stakes in the business. Founders Financial Securities LLC increased its stake in Canopy Growth by 112.3% in the 3rd quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock worth $26,000 after acquiring an additional 17,500 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Canopy Growth by 144.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock worth $26,000 after purchasing an additional 39,861 shares in the last quarter. First Republic Investment Management Inc. purchased a new position in shares of Canopy Growth in the 2nd quarter worth about $31,000. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock worth $34,000 after purchasing an additional 28,666 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Canopy Growth in the 1st quarter worth about $37,000. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Company Profile

(Get Free Report)

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.

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