Canopy Growth (NASDAQ:CGC) Shares Gap Down to $14.88

Canopy Growth Co. (NASDAQ:CGC) gapped down before the market opened on Wednesday . The stock had previously closed at $14.88, but opened at $13.97. Canopy Growth shares last traded at $11.70, with a volume of 14,493,885 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently commented on CGC shares. Sanford C. Bernstein upped 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 reduced their price target on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a report on Monday, February 12th.

Canopy Growth Stock Down 28.4 %

The company has a market cap of $1.07 billion, a PE ratio of -0.73 and a beta of 1.39. The company has a current ratio of 1.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.96. The company’s 50 day moving average is $6.30 and its 200 day moving average is $5.56.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results 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 net margin of 326.75% and a negative return on equity of 73.48%. The company had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. As a group, analysts predict that Canopy Growth Co. will post -6.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Genesee Capital Advisors LLC raised its position in shares of Canopy Growth by 29.9% in the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock worth $113,000 after acquiring an additional 3,000 shares in the last quarter. PCG Wealth Advisors LLC grew its stake in Canopy Growth by 73.6% in the first quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock valued at $271,000 after purchasing an additional 13,300 shares during the last quarter. Gainplan LLC bought a new position in Canopy Growth in the first quarter worth about $302,000. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of 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 buying an additional 28,666 shares in the last quarter. Finally, Sycomore Asset Management purchased a new position in shares of Canopy Growth in the 3rd quarter worth approximately $39,000. Hedge funds and other 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.