Canopy Growth Sees Unusually Large Options Volume (NASDAQ:CGC)

Canopy Growth Corporation (NASDAQ:CGC) was the recipient of unusually large options trading activity on Thursday. Stock investors acquired 52,869 call options on the company. This represents an increase of 62% compared to the average daily volume of 32,538 call options.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Canopy Growth

Several hedge funds have recently bought and sold shares of the company. Boothbay Fund Management LLC acquired a new position in shares of Canopy Growth during the 2nd quarter worth approximately $30,000. Midwest Trust Co bought a new position in shares of Canopy Growth in the third quarter valued at $31,000. Wealth Enhancement Advisory Services LLC increased its holdings in Canopy Growth by 81.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock worth $41,000 after buying an additional 14,498 shares during the last quarter. Genesee Capital Advisors LLC raised its position in Canopy Growth by 166.1% during the third 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 in the last quarter. Finally, Insigneo Advisory Services LLC lifted its stake in Canopy Growth by 168.7% in the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock valued at $63,000 after acquiring an additional 27,000 shares during the last quarter. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Stock Performance

Shares of CGC stock traded up $0.01 during trading hours on Thursday, reaching $1.23. 11,601,954 shares of the company’s stock were exchanged, compared to its average volume of 18,050,537. The business has a fifty day moving average price of $1.24 and a 200-day moving average price of $1.29. The stock has a market capitalization of $451.36 million, a P/E ratio of -0.62 and a beta of 0.43. The company has a quick ratio of 4.23, a current ratio of 5.50 and a debt-to-equity ratio of 0.31. Canopy Growth has a fifty-two week low of $0.77 and a fifty-two week high of $2.90.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.10. The company had revenue of $47.86 million for the quarter, compared to analyst estimates of $71.82 million. Canopy Growth had a negative return on equity of 61.97% and a negative net margin of 113.21%. Analysts predict that Canopy Growth will post -2.81 EPS for the current fiscal year.

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.