Canopy Growth Sees Unusually High Options Volume (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) was the recipient of some unusual options trading activity on Tuesday. Stock investors purchased 46,018 call options on the company. This represents an increase of approximately 171% compared to the average daily volume of 17,008 call options.

Hedge Funds Weigh In On Canopy Growth

Several hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc purchased a new stake in Canopy Growth during the second quarter worth about $91,000. Vontobel Holding Ltd. purchased a new stake in shares of Canopy Growth during the 3rd quarter worth approximately $92,000. Insigneo Advisory Services LLC bought a new stake in shares of Canopy Growth in the 2nd quarter worth approximately $96,000. Genesee Capital Advisors LLC lifted its stake in Canopy Growth by 15.3% in the second quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock valued at $97,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Stratos Wealth Advisors LLC bought a new position in Canopy Growth during the third quarter valued at $97,000. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Trading Up 18.2 %

Shares of Canopy Growth stock traded up $0.79 on Tuesday, hitting $5.13. 10,838,792 shares of the company’s stock traded hands, compared to its average volume of 7,650,320. The company has a fifty day moving average of $5.01 and a two-hundred day moving average of $6.93. Canopy Growth has a one year low of $2.76 and a one year high of $14.92. The company has a market capitalization of $390.90 million, a price-to-earnings ratio of -0.76 and a beta of 0.86. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.15 and a quick ratio of 1.64.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.06). Canopy Growth had a negative net margin of 240.19% and a negative return on equity of 73.30%. The business had revenue of $48.39 million for the quarter, compared to analyst estimates of $51.82 million. As a group, sell-side analysts expect that Canopy Growth will post -1.42 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Piper Sandler dropped their price objective on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, July 9th.

Canopy Growth Company Profile

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.