Canopy Growth Co. (NASDAQ:CGC) Short Interest Update

Canopy Growth Co. (NASDAQ:CGC) was the target of a large decline in short interest during the month of July. As of July 15th, there was short interest totalling 8,100,000 shares, a decline of 7.2% from the June 30th total of 8,730,000 shares. Based on an average daily volume of 9,200,000 shares, the short-interest ratio is currently 0.9 days. Approximately 10.7% of the company’s stock are short sold.

Wall Street Analyst Weigh In

CGC has been the subject of several recent analyst reports. Atb Cap Markets raised shares of Canopy Growth to a “hold” rating in a research note on Monday, June 17th. Piper Sandler cut their price objective on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, July 9th.

Insider Buying and Selling at Canopy Growth

In other Canopy Growth news, Director Willy Kruh sold 3,738 shares of Canopy Growth 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 of the company’s stock, valued at approximately $171,912.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders sold 7,545 shares of company stock worth $67,997. Insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Canopy Growth

Institutional investors have recently bought and sold shares of the stock. Genesee Capital Advisors LLC grew its stake in Canopy Growth by 29.9% during the first quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock valued at $113,000 after acquiring an additional 3,000 shares in the last quarter. PCG Wealth Advisors LLC grew its stake in shares of Canopy Growth by 73.6% in 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 in the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of Canopy Growth in the 1st quarter worth $289,000. Gainplan LLC purchased a new position in shares of Canopy Growth in the 1st quarter worth $302,000. Finally, B. Riley Wealth Advisors Inc. purchased a new position in shares of Canopy Growth in the 1st quarter worth $475,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

Canopy Growth Stock Performance

CGC traded up $0.24 during trading on Tuesday, hitting $7.60. The company’s stock had a trading volume of 5,222,218 shares, compared to its average volume of 9,366,105. The company has a quick ratio of 1.25, a current ratio of 1.58 and a debt-to-equity ratio of 0.99. Canopy Growth has a one year low of $2.76 and a one year high of $19.20. The firm has a market cap of $615.60 million, a PE ratio of -1.19 and a beta of 0.93. The business’s 50 day simple moving average is $7.35 and its 200-day simple moving average is $6.69.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Thursday, May 30th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.05. The firm 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, sell-side analysts predict that Canopy Growth will post -1.07 EPS for the current fiscal year.

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.