Canopy Growth Co. (NASDAQ:CGC) Sees Large Increase in Short Interest

Canopy Growth Co. (NASDAQ:CGC) was the recipient of a significant growth in short interest in December. As of December 15th, there was short interest totalling 9,760,000 shares, a growth of 6.2% from the November 30th total of 9,190,000 shares. Based on an average daily volume of 5,800,000 shares, the days-to-cover ratio is currently 1.7 days. Approximately 10.0% of the company’s shares are sold short.

Analysts Set New Price Targets

Separately, Atb Cap Markets lowered Canopy Growth from a “hold” rating to a “strong sell” rating in a research report on Monday, December 16th.

Canopy Growth Stock Performance

NASDAQ:CGC remained flat at $2.74 on Wednesday. 4,574,971 shares of the company’s stock were exchanged, compared to its average volume of 7,400,490. The stock has a market capitalization of $298.50 million, a price-to-earnings ratio of -0.56 and a beta of 0.83. Canopy Growth has a twelve month low of $2.65 and a twelve month high of $14.92. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.39 and a quick ratio of 1.07. The firm has a fifty day moving average of $3.84 and a 200 day moving average of $5.13.

Institutional Investors Weigh In On Canopy Growth

Several large investors have recently modified their holdings of the company. PFG Investments LLC bought a new stake in Canopy Growth in the third quarter worth approximately $54,000. Sassicaia Capital Advisers LLC bought a new stake in shares of Canopy Growth in the 3rd quarter valued at $54,000. Financial Advocates Investment Management acquired a new position in shares of Canopy Growth during the 3rd quarter valued at $57,000. CIBC Asset Management Inc bought a new position in Canopy Growth during the second quarter worth $91,000. Finally, Vontobel Holding Ltd. acquired a new stake in Canopy Growth in the third quarter worth $92,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.