Canopy Growth Target of Unusually Large Options Trading (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) was the target of unusually large options trading on Thursday. Stock traders bought 41,923 call options on the stock. This is an increase of 44% compared to the typical daily volume of 29,147 call options.

Canopy Growth Trading Up 1.3 %

Shares of CGC stock opened at $7.93 on Friday. Canopy Growth has a 1 year low of $2.76 and a 1 year high of $19.20. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40. The stock’s 50 day simple moving average is $5.48 and its two-hundred day simple moving average is $5.46. The company has a market cap of $722.50 million, a PE ratio of -0.52 and a beta of 1.39.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($1.34). The business had revenue of $57.67 million during the quarter, compared to analysts’ expectations of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. Research analysts predict that Canopy Growth will post -6.14 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. PCG Wealth Advisors LLC boosted its position in Canopy Growth by 73.6% during the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock valued at $271,000 after acquiring an additional 13,300 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Canopy Growth by 171.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 22,086 shares of the company’s stock worth $113,000 after purchasing an additional 13,947 shares in the last quarter. Tudor Investment Corp Et Al acquired a new stake in shares of Canopy Growth in the 3rd quarter worth $39,000. LPL Financial LLC boosted its position in shares of Canopy Growth by 31.5% in the 3rd quarter. LPL Financial LLC now owns 484,993 shares of the company’s stock worth $380,000 after purchasing an additional 116,219 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Canopy Growth in the 3rd quarter worth $18,140,000. 3.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CGC. Piper Sandler decreased their price target on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research note on Monday, February 12th. Sanford C. Bernstein boosted their price target on Canopy Growth to $5.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 31st.

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.