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

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CGC. Lord Abbett & CO. LLC bought a new stake in Canopy Growth in the 3rd quarter valued at $18,140,000. Vanguard Group Inc. lifted its holdings in shares of Canopy Growth by 26.3% during the 3rd quarter. Vanguard Group Inc. now owns 10,233,037 shares of the company’s stock worth $27,936,000 after acquiring an additional 2,133,358 shares during the period. Two Sigma Advisers LP lifted its holdings in shares of Canopy Growth by 148.4% during the 3rd quarter. Two Sigma Advisers LP now owns 2,874,400 shares of the company’s stock worth $7,847,000 after acquiring an additional 1,717,300 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Canopy Growth by 49.0% during the 1st quarter. Ameriprise Financial Inc. now owns 1,867,002 shares of the company’s stock worth $3,267,000 after acquiring an additional 613,768 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Canopy Growth by 65.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,687,125 shares of the company’s stock worth $654,000 after acquiring an additional 666,800 shares during the period. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on CGC. Piper Sandler cut their target price 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 increased their target price on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st.

Canopy Growth Stock Performance

Shares of CGC opened at $7.93 on Friday. The company’s fifty day moving average is $5.48 and its 200-day moving average is $5.46. Canopy Growth has a 12 month low of $2.76 and a 12 month high of $19.20. The firm has a market cap of $722.50 million, a price-to-earnings ratio of -0.52 and a beta of 1.39. The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96.

Canopy Growth (NASDAQ:CGC) last announced its quarterly 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). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The business had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. Equities analysts expect that Canopy Growth will post -6.14 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.