Canopy Growth (NASDAQ:CGC) Trading Down 6.7%

Canopy Growth Co. (NASDAQ:CGC) dropped 6.7% on Thursday . The company traded as low as $8.71 and last traded at $8.91. Approximately 6,779,964 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 7,065,947 shares. The stock had previously closed at $9.55.

Wall Street Analysts Forecast Growth

CGC has been the subject of several research analyst reports. Piper Sandler lowered their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research report on Monday, February 12th. Sanford C. Bernstein boosted their price objective 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 Trading Down 7.0 %

The firm’s 50-day simple moving average is $4.14 and its 200 day simple moving average is $5.65. The firm has a market capitalization of $809.06 million, a price-to-earnings ratio of -0.59 and a beta of 1.19. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($1.34). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The business had revenue of $57.67 million during the quarter, compared to the consensus estimate of $53.25 million. Equities analysts expect that Canopy Growth Co. will post -5.57 earnings per share for the current year.

Institutional Trading of Canopy Growth

Several institutional investors have recently modified their holdings of the business. Founders Financial Securities LLC boosted its position in Canopy Growth by 112.3% during the third quarter. Founders Financial Securities LLC now owns 33,087 shares of the company’s stock valued at $26,000 after acquiring an additional 17,500 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Canopy Growth by 144.2% during the second quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock valued at $26,000 after acquiring an additional 39,861 shares during the last quarter. First Republic Investment Management Inc. bought a new stake in Canopy Growth during the second quarter valued at $31,000. Vanguard Personalized Indexing Management LLC boosted its position in Canopy Growth by 197.5% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after acquiring an additional 28,666 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in Canopy Growth during the first quarter valued at $37,000. Institutional investors own 3.33% of the company’s stock.

About Canopy Growth

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.