Short Interest in Canopy Growth Co. (NASDAQ:CGC) Declines By 5.7%

Canopy Growth Co. (NASDAQ:CGC – Get Rating) saw a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 49,100,000 shares, a decrease of 5.7% from the February 13th total of 52,060,000 shares. Currently, 15.2% of the company’s shares are short sold. Based on an average trading volume of 10,200,000 shares, the days-to-cover ratio is currently 4.8 days.

Hedge Funds Weigh In On Canopy Growth

Large investors have recently bought and sold shares of the company. Oxinas Partners Wealth Management LLC acquired a new position in Canopy Growth during the 4th quarter worth approximately $25,000. Traynor Capital Management Inc. acquired a new position in Canopy Growth during the 3rd quarter worth approximately $27,000. Atlas Brown Inc. acquired a new position in Canopy Growth during the 3rd quarter worth approximately $28,000. Elwood & Goetz Wealth Advisory Group LLC acquired a new position in Canopy Growth during the 3rd quarter worth approximately $28,000. Finally, Congress Wealth Management LLC DE acquired a new stake in shares of Canopy Growth in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 15.82% of the company’s stock.

Canopy Growth Trading Up 0.5 %

NASDAQ:CGC opened at $2.04 on Friday. Canopy Growth has a twelve month low of $1.97 and a twelve month high of $8.79. The company has a quick ratio of 1.41, a current ratio of 1.73 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average price of $2.49 and a two-hundred day moving average price of $2.89. The company has a market cap of $1.01 billion, a P/E ratio of -0.34 and a beta of 2.08.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CGC shares. Roth Capital reaffirmed a “buy” rating on shares of Canopy Growth in a research note on Monday, February 13th. Cantor Fitzgerald lowered their price target on Canopy Growth from $3.30 to $3.20 and set a “neutral” rating for the company in a research note on Friday, February 17th. CIBC lowered their price target on Canopy Growth from C$2.50 to C$1.75 in a research note on Friday, February 10th. Finally, Alliance Global Partners lowered their price target on Canopy Growth from C$4.50 to C$3.50 in a research note on Thursday, February 9th. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $4.53.

About Canopy Growth

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Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.