Canopy Growth (NASDAQ:CGC) Sees Unusually-High Trading Volume – Here’s Why

Shares of Canopy Growth Corporation (NASDAQ:CGC) saw unusually-strong trading volume on Monday . Approximately 25,948,479 shares traded hands during trading, an increase of 73% from the previous session’s volume of 15,000,068 shares.The stock last traded at $1.6850 and had previously closed at $1.74.

Analyst Ratings Changes

A number of brokerages have weighed in on CGC. Benchmark upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, November 10th. Wall Street Zen upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Canopy Growth currently has an average rating of “Strong Sell”.

Canopy Growth Trading Down 3.2%

The stock has a fifty day simple moving average of $1.24 and a 200 day simple moving average of $1.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.23 and a current ratio of 5.50. The firm has a market cap of $620.86 million, a P/E ratio of -0.86 and a beta of 0.40.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.10. Canopy Growth had a negative return on equity of 61.97% and a negative net margin of 113.21%.The firm had revenue of $47.86 million for the quarter, compared to the consensus estimate of $71.82 million. On average, research analysts expect that Canopy Growth Corporation will post -2.81 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Luc Mongeau purchased 27,469 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were purchased at an average price of $1.82 per share, with a total value of $49,993.58. Following the acquisition, the chief executive officer directly owned 812,368 shares in the company, valued at $1,478,509.76. The trade was a 3.50% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have sold 23,075 shares of company stock worth $36,459. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Midwest Trust Co bought a new stake in shares of Canopy Growth during the 3rd quarter valued at about $31,000. Boothbay Fund Management LLC bought a new position in shares of Canopy Growth in the 2nd quarter worth approximately $30,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Canopy Growth by 81.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after buying an additional 14,498 shares during the last quarter. Genesee Capital Advisors LLC boosted its holdings in shares of Canopy Growth by 166.1% in the third quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock worth $58,000 after buying an additional 25,000 shares during the last quarter. Finally, Insigneo Advisory Services LLC grew its position in Canopy Growth by 168.7% during the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock valued at $63,000 after buying an additional 27,000 shares during the period. 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.