Canopy Growth (NASDAQ:CGC) Shares Up 5.8%

Canopy Growth Co. (NASDAQ:CGC) was up 5.8% during trading on Wednesday . The stock traded as high as $6.63 and last traded at $6.62. Approximately 545,673 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 10,063,164 shares. The stock had previously closed at $6.26.

Wall Street Analyst Weigh In

Separately, Atb Cap Markets upgraded shares of Canopy Growth to a “hold” rating in a research note on Monday, June 17th.

Canopy Growth Trading Up 4.8 %

The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.25 and a current ratio of 1.58. The stock has a market capitalization of $499.87 million, a price-to-earnings ratio of -1.04 and a beta of 0.93. The business has a fifty day simple moving average of $8.54 and a 200 day simple moving average of $6.36.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. Canopy Growth had a negative net margin of 185.77% and a negative return on equity of 62.67%. The firm had revenue of $53.99 million for the quarter, compared to analyst estimates of $52.71 million. As a group, research analysts expect that Canopy Growth Co. will post -1.08 EPS for the current year.

Insider Activity

In other Canopy Growth news, Director Willy Kruh sold 3,738 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $9.94, for a total transaction of $37,155.72. Following the completion of the sale, the director now directly owns 17,295 shares in the company, valued at $171,912.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 7,545 shares of company stock worth $67,997. 0.35% of the stock is currently owned by corporate insiders.

Institutional Trading of Canopy Growth

A number of hedge funds and other institutional investors have recently modified their holdings of CGC. Genesee Capital Advisors LLC grew its stake in shares of Canopy Growth by 29.9% in the first quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock worth $113,000 after purchasing an additional 3,000 shares during the last quarter. PCG Wealth Advisors LLC lifted its holdings in Canopy Growth by 73.6% during the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after buying an additional 13,300 shares during the period. Concurrent Investment Advisors LLC bought a new stake in shares of Canopy Growth in the 1st quarter valued at about $289,000. Gainplan LLC bought a new position in shares of Canopy Growth during the first quarter worth about $302,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of Canopy Growth during the first quarter worth about $475,000. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Company Profile

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.