Short Interest in Canopy Growth Co. (NASDAQ:CGC) Declines By 10.9%

Canopy Growth Co. (NASDAQ:CGC) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 8,220,000 shares, a decrease of 10.9% from the October 15th total of 9,230,000 shares. Based on an average trading volume of 4,600,000 shares, the days-to-cover ratio is presently 1.8 days. Approximately 9.8% of the shares of the company are short sold.

Canopy Growth Stock Performance

Shares of NASDAQ:CGC traded down $0.01 during midday trading on Friday, reaching $3.73. The company’s stock had a trading volume of 4,124,734 shares, compared to its average volume of 8,645,194. Canopy Growth has a twelve month low of $2.76 and a twelve month high of $14.92. The stock has a fifty day moving average of $4.56 and a 200 day moving average of $6.41. The company has a quick ratio of 1.64, a current ratio of 1.39 and a debt-to-equity ratio of 0.82.

Institutional Trading of Canopy Growth

Hedge funds and other institutional investors have recently made changes to their positions in the business. Baader Bank Aktiengesellschaft lifted its holdings in Canopy Growth by 137.3% during the second quarter. Baader Bank Aktiengesellschaft now owns 135,275 shares of the company’s stock valued at $873,000 after purchasing an additional 78,275 shares in the last quarter. Headlands Technologies LLC increased its position in shares of Canopy Growth by 36,747.5% during the second quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock valued at $761,000 after acquiring an additional 117,592 shares during the last quarter. Stratos Wealth Advisors LLC acquired a new stake in shares of Canopy Growth during the third quarter valued at about $97,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Canopy Growth in the first quarter valued at approximately $475,000. Finally, Financial Advocates Investment Management purchased a new position in shares of Canopy Growth in the third quarter valued at approximately $57,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.