Short Interest in Canopy Growth Co. (NASDAQ:CGC) Rises By 6.4%

by · The Cerbat Gem

Canopy Growth Co. (NASDAQ:CGC – Get Free Report) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 7,960,000 shares, an increase of 6.4% from the September 15th total of 7,480,000 shares. Based on an average daily volume of 3,670,000 shares, the short-interest ratio is currently 2.2 days. Approximately 9.5% of the company’s stock are sold short.

Canopy Growth Stock Up 1.2 %

Shares of CGC traded up $0.05 during mid-day trading on Thursday, hitting $4.31. 2,357,813 shares of the company’s stock were exchanged, compared to its average volume of 7,674,837. The company has a quick ratio of 1.64, a current ratio of 2.15 and a debt-to-equity ratio of 1.05. Canopy Growth has a twelve month low of $2.76 and a twelve month high of $14.92. The firm has a fifty day moving average of $5.14 and a two-hundred day moving average of $7.05. The stock has a market cap of $404.54 million, a price-to-earnings ratio of -0.60 and a beta of 0.86.

Canopy Growth (NASDAQ:CGC – Get Free Report) last posted its earnings results on Friday, August 9th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.06). Canopy Growth had a negative return on equity of 73.30% and a negative net margin of 240.19%. The business had revenue of $48.39 million for the quarter, compared to analyst estimates of $51.82 million. On average, sell-side analysts forecast that Canopy Growth will post -1.42 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Piper Sandler cut their price target on Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, July 9th.

Get Our Latest Stock Analysis on CGC

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Vontobel Holding Ltd. acquired a new position in Canopy Growth during the third quarter valued at approximately $92,000. Mackenzie Financial Corp grew its stake in Canopy Growth by 13.2% in the 2nd quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock valued at $214,000 after buying an additional 3,864 shares during the last quarter. Squarepoint Ops LLC raised its holdings in Canopy Growth by 168.6% in the 2nd quarter. Squarepoint Ops LLC now owns 91,227 shares of the company’s stock worth $588,000 after acquiring an additional 57,262 shares during the period. Insigneo Advisory Services LLC bought a new position in Canopy Growth in the 2nd quarter worth $96,000. Finally, Farallon Capital Management LLC acquired a new position in Canopy Growth during the 2nd quarter worth $194,000. 3.33% of the stock is owned by institutional investors.

Canopy Growth Company Profile

(Get Free Report)

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.

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