Stock Traders Purchase Large Volume of Canopy Growth Call Options (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) was the target of unusually large options trading activity on Friday. Traders acquired 84,497 call options on the stock. This is an increase of approximately 132% compared to the typical volume of 36,404 call options.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors and hedge funds have recently modified their holdings of CGC. Lord Abbett & CO. LLC acquired a new position in shares of Canopy Growth in the 3rd quarter valued at approximately $18,140,000. Commonwealth Equity Services LLC boosted its stake in Canopy Growth by 83.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock worth $426,000 after purchasing an additional 247,407 shares during the period. TD Asset Management Inc increased its holdings in Canopy Growth by 26.2% during the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock worth $298,000 after purchasing an additional 79,639 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of Canopy Growth by 30.7% during the third quarter. Mackenzie Financial Corp now owns 173,330 shares of the company’s stock worth $136,000 after buying an additional 40,675 shares during the period. Finally, FinTrust Capital Advisors LLC raised its position in Canopy Growth by 89.2% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company’s stock valued at $91,000 after buying an additional 55,000 shares during the last quarter. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Price Performance

Shares of Canopy Growth stock opened at $10.24 on Friday. Canopy Growth has a 52 week low of $2.76 and a 52 week high of $19.20. The company has a current ratio of 1.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.96. The company’s 50-day moving average price is $6.60 and its two-hundred day moving average price is $5.64. The stock has a market cap of $1.03 billion, a PE ratio of -0.68 and a beta of 1.10.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The business had revenue of $57.67 million during the quarter, compared to the consensus estimate of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. As a group, sell-side analysts anticipate that Canopy Growth will post -6.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CGC shares. Piper Sandler reduced their price target on shares of 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 upped their target price on Canopy Growth to $5.00 and gave the stock a “market perform” rating in a research report 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.