Traders Buy Large Volume of Call Options on Canopy Growth (NASDAQ:CGC)

Canopy Growth Corporation (NASDAQ:CGC) was the recipient of some unusual options trading activity on Thursday. Stock traders acquired 52,869 call options on the stock. This is an increase of 62% compared to the average volume of 32,538 call options.

Canopy Growth Stock Down 2.5%

NASDAQ CGC opened at $1.19 on Friday. The company has a current ratio of 5.50, a quick ratio of 4.23 and a debt-to-equity ratio of 0.31. The company has a market cap of $438.47 million, a price-to-earnings ratio of -0.61 and a beta of 0.43. The company has a 50 day moving average of $1.24 and a 200-day moving average of $1.29. Canopy Growth has a 1-year low of $0.77 and a 1-year high of $2.90.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, November 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping 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 business had revenue of $47.86 million for the quarter, compared to the consensus estimate of $71.82 million. On average, equities research analysts expect that Canopy Growth will post -2.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CGC. Two Sigma Securities LLC lifted its position in Canopy Growth by 4.4% during the second quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock worth $343,000 after purchasing an additional 11,942 shares during the period. Lake Street Private Wealth LLC increased its holdings in Canopy Growth by 16.9% in the 4th quarter. Lake Street Private Wealth LLC now owns 90,300 shares of the company’s stock valued at $103,000 after buying an additional 13,050 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Canopy Growth by 81.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock valued at $41,000 after buying an additional 14,498 shares in the last quarter. Midwest Trust Co bought a new stake in shares of Canopy Growth during the 3rd quarter worth approximately $31,000. Finally, Genesee Capital Advisors LLC lifted its holdings in shares of Canopy Growth by 166.1% during the 3rd quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock worth $58,000 after acquiring an additional 25,000 shares during the period. Institutional investors and hedge funds own 3.33% of the company’s stock.

Analysts Set New Price Targets

CGC has been the subject of a number of research analyst reports. Wall Street Zen upgraded Canopy Growth from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a report on Monday, December 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Canopy Growth in a research note on Wednesday, October 8th. Finally, Benchmark upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research report on Monday, November 10th. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce”.

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.