Canopy Growth (NASDAQ:CGC) Shares Gap Down to $1.34

Canopy Growth Co. (NASDAQ:CGC)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $1.34, but opened at $1.29. Canopy Growth shares last traded at $1.17, with a volume of 22,978,536 shares traded.

Canopy Growth Stock Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.64 and a current ratio of 1.96. The firm has a market cap of $845.92 million, a P/E ratio of -0.66 and a beta of 1.80. The business’s 50-day simple moving average is $0.51 and its 200 day simple moving average is $1.03.

Canopy Growth (NASDAQ:CGC) last posted its earnings results on Wednesday, August 9th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. Canopy Growth had a negative net margin of 278.33% and a negative return on equity of 49.88%. The business had revenue of $80.95 million during the quarter, compared to the consensus estimate of $69.67 million. As a group, equities analysts predict that Canopy Growth Co. will post -0.34 earnings per share for the current year.

Insider Activity

In other news, Director David Angelo Lazzarato sold 38,963 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $0.71, for a total transaction of $27,663.73. Following the completion of the sale, the director now owns 246,064 shares of the company’s stock, valued at approximately $174,705.44. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 82,364 shares of company stock valued at $52,586 in the last 90 days. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new position in shares of Canopy Growth during the 1st quarter valued at $202,000. First Republic Investment Management Inc. purchased a new position in shares of Canopy Growth during the 2nd quarter valued at $31,000. Prudential Financial Inc. purchased a new position in shares of Canopy Growth during the 1st quarter valued at $91,000. Cyndeo Wealth Partners LLC purchased a new position in shares of Canopy Growth during the 1st quarter valued at $1,524,000. Finally, ExodusPoint Capital Management LP purchased a new stake in Canopy Growth in the 2nd quarter worth $50,000. Hedge funds and other institutional investors own 12.80% of the company’s stock.

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 Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.