Canopy Growth (NASDAQ:CGC) Trading Down 6.3%

Canopy Growth Co. (NASDAQ:CGC) shares fell 6.3% on Wednesday . The company traded as low as $7.60 and last traded at $7.68. 2,384,830 shares were traded during mid-day trading, a decline of 75% from the average session volume of 9,521,308 shares. The stock had previously closed at $8.20.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CGC shares. Atb Cap Markets upgraded shares of Canopy Growth to a “hold” rating in a research note on Monday, June 17th. Piper Sandler dropped their target price on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th.

Canopy Growth Trading Down 10.7 %

The firm’s 50 day moving average price is $7.66 and its 200-day moving average price is $6.59. The stock has a market cap of $592.92 million, a P/E ratio of -1.20 and a beta of 0.93. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.58 and a quick ratio of 1.25.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.05. The company had revenue of $53.99 million for the quarter, compared to the consensus estimate of $52.71 million. Canopy Growth had a negative net margin of 185.77% and a negative return on equity of 62.67%. As a group, equities research analysts forecast that Canopy Growth Co. will post -1.07 earnings per share for the current year.

Insider Activity at Canopy Growth

In related news, Director Willy Kruh sold 3,738 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $9.94, for a total transaction of $37,155.72. Following the transaction, the director now owns 17,295 shares in the company, valued at $171,912.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 7,545 shares of company stock worth $67,997 over the last quarter. Company insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Genesee Capital Advisors LLC raised its position in Canopy Growth by 15.3% in the second quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock worth $97,000 after acquiring an additional 2,000 shares during the period. PCG Wealth Advisors LLC raised its position in Canopy Growth by 73.6% in the first quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after acquiring an additional 13,300 shares during the period. Concurrent Investment Advisors LLC bought a new position in Canopy Growth in the first quarter worth approximately $289,000. Gainplan LLC bought a new position in Canopy Growth in the first quarter worth approximately $302,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in Canopy Growth in the first quarter worth approximately $475,000. 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.