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

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

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 transaction of $57,224.18.

Canopy Growth Price Performance

Shares of Canopy Growth stock opened at $1.03 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.39 and a current ratio of 3.04. The firm’s 50-day simple moving average is $0.96 and its 200-day simple moving average is $1.03. Canopy Growth Corporation has a twelve month low of $0.84 and a twelve month high of $2.38. The firm has a market cap of $465.03 million, a P/E ratio of -2.30 and a beta of 0.81.

Canopy Growth (NASDAQ:CGC) last posted its 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. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. The business had revenue of $142.62 million for the quarter, compared to analysts’ expectations of $58.21 million. As a group, research analysts expect that Canopy Growth Corporation will post -0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Canopy Growth

Institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its stake in Canopy Growth by 723.5% in 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 purchasing an additional 4,037,281 shares in the last quarter. Millennium Management LLC increased its stake in shares of Canopy Growth by 196.9% in the third quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock valued at $4,579,000 after buying an additional 2,080,994 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Canopy Growth by 19,571.2% in the fourth 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 last quarter. Lazard Asset Management LLC acquired a new position in Canopy Growth during the 1st quarter worth about $1,716,000. Finally, Two Sigma Investments LP acquired a new position in Canopy Growth during the 3rd quarter worth about $1,767,000. 3.33% of the stock is owned by institutional investors.

Analyst Ratings Changes

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