Canopy Growth (NASDAQ:CGC) Shares Gap Down to $6.20

Canopy Growth Co. (NASDAQ:CGC) shares gapped down prior to trading on Tuesday . The stock had previously closed at $6.20, but opened at $5.88. Canopy Growth shares last traded at $6.86, with a volume of 6,570,493 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Piper Sandler lowered their target price on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a report on Monday, February 12th. Sanford C. Bernstein lifted their price objective on Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st.

Canopy Growth Stock Up 32.1 %

The company has a 50-day simple moving average of $4.14 and a 200-day simple moving average of $5.65. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Friday, February 9th. The company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($0.45) by ($1.34). The firm had revenue of $57.67 million during the quarter, compared to analyst estimates of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. On average, equities research analysts forecast that Canopy Growth Co. will post -5.57 earnings per share for the current year.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors have recently made changes to their positions in CGC. Envestnet Asset Management Inc. grew its stake in shares of Canopy Growth by 66.8% during the first quarter. Envestnet Asset Management Inc. now owns 21,989 shares of the company’s stock worth $167,000 after purchasing an additional 8,809 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Canopy Growth by 9.4% during the first quarter. JPMorgan Chase & Co. now owns 822,433 shares of the company’s stock worth $6,233,000 after purchasing an additional 70,929 shares during the period. Bank of New York Mellon Corp grew its stake in Canopy Growth by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 241,342 shares of the company’s stock valued at $1,829,000 after acquiring an additional 2,621 shares during the period. Oppenheimer & Co. Inc. grew its stake in Canopy Growth by 53.5% in the first quarter. Oppenheimer & Co. Inc. now owns 20,296 shares of the company’s stock valued at $154,000 after acquiring an additional 7,076 shares during the period. Finally, Citigroup Inc. grew its stake in Canopy Growth by 20.7% in the first quarter. Citigroup Inc. now owns 151,056 shares of the company’s stock valued at $1,146,000 after acquiring an additional 25,878 shares during the period. 3.33% of the stock is owned by institutional investors and hedge funds.

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.