Canopy Growth (NASDAQ:CGC) Shares Gap Down to $9.03

Canopy Growth Co. (NASDAQ:CGC) shares gapped down before the market opened on Wednesday . The stock had previously closed at $9.03, but opened at $8.73. Canopy Growth shares last traded at $8.87, with a volume of 2,130,920 shares trading hands.

Wall Street Analysts Forecast Growth

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

Canopy Growth Stock Performance

The company has a market capitalization of $838.30 million, a price-to-earnings ratio of -0.60 and a beta of 1.39. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79. The company’s fifty day simple moving average is $5.67 and its two-hundred day simple moving average is $5.46.

Canopy Growth (NASDAQ:CGC) last announced 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 company had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. Equities research analysts predict that Canopy Growth Co. will post -6.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. PCG Wealth Advisors LLC lifted its position in shares of Canopy Growth by 73.6% in the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after buying an additional 13,300 shares during the last quarter. Genesee Capital Advisors LLC lifted its position in Canopy Growth by 29.9% in the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock valued at $113,000 after purchasing an additional 3,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after purchasing an additional 28,666 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Canopy Growth by 83.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock valued at $426,000 after purchasing an additional 247,407 shares during the last quarter. Finally, TD Asset Management Inc lifted its position in Canopy Growth by 26.2% in the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock valued at $298,000 after purchasing an additional 79,639 shares during the last quarter. 3.33% of the stock is currently owned by institutional investors.

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.