Canopy Growth (NASDAQ:CGC) Shares Gap Up to $7.93

Canopy Growth Co. (NASDAQ:CGC) shares gapped up prior to trading on Monday . The stock had previously closed at $7.93, but opened at $8.22. Canopy Growth shares last traded at $7.79, with a volume of 3,387,408 shares.

Analysts Set New Price Targets

A number of brokerages have weighed in on CGC. Sanford C. Bernstein upped their price objective on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st. Piper Sandler cut their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a report on Monday, February 12th.

Canopy Growth Price Performance

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 stock’s fifty day simple moving average is $5.67 and its 200 day simple moving average is $5.46.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The firm 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%. As a group, research analysts predict that Canopy Growth Co. will post -6.14 earnings per share for the current year.

Institutional Trading of Canopy Growth

Hedge funds and other institutional investors have recently modified their holdings of the company. Genesee Capital Advisors LLC lifted its position in Canopy Growth by 29.9% during the first quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock valued at $113,000 after purchasing an additional 3,000 shares during the last quarter. PCG Wealth Advisors LLC lifted its position in Canopy Growth by 73.6% during the first quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock valued at $271,000 after purchasing an additional 13,300 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in Canopy Growth during the third quarter valued at $18,140,000. Vanguard Personalized Indexing Management LLC lifted its position in Canopy Growth by 197.5% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after purchasing an additional 28,666 shares during the last quarter. Finally, Sycomore Asset Management bought a new position in Canopy Growth during the third quarter valued at $39,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

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.