Canopy Growth (NASDAQ:CGC) Shares Gap Up to $1.25

Canopy Growth Co. (NASDAQ:CGC)’s share price gapped up before the market opened on Friday . The stock had previously closed at $1.25, but opened at $1.46. Canopy Growth shares last traded at $1.42, with a volume of 21,199,177 shares traded.

Canopy Growth Trading Up 13.5 %

The firm has a market capitalization of $1.04 billion, a PE ratio of -0.81 and a beta of 1.80. The company’s 50-day moving average price is $0.54 and its 200-day moving average price is $1.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.64 and a current ratio of 1.96.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Wednesday, August 9th. The company reported ($0.04) earnings per share for the quarter, beating 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 firm had revenue of $80.95 million during the quarter, compared to analysts’ expectations of $69.67 million. On average, sell-side analysts expect that Canopy Growth Co. will post -0.34 earnings per share for the current year.

Insider Activity at Canopy Growth

In related 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 value of $27,663.73. Following the completion of the sale, the director now directly owns 246,064 shares of the company’s stock, valued at $174,705.44. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 82,364 shares of company stock valued at $52,586 over the last ninety days. Insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in Canopy Growth by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 241,342 shares of the company’s stock worth $1,829,000 after buying an additional 2,621 shares during the period. Tower Research Capital LLC TRC grew its position in Canopy Growth by 14.5% during the third quarter. Tower Research Capital LLC TRC now owns 23,108 shares of the company’s stock worth $64,000 after buying an additional 2,927 shares during the period. Mariner LLC grew its position in Canopy Growth by 21.5% during the fourth quarter. Mariner LLC now owns 33,550 shares of the company’s stock worth $78,000 after buying an additional 5,927 shares during the period. Golden State Wealth Management LLC acquired a new position in Canopy Growth during the first quarter worth about $202,000. Finally, Oppenheimer & Co. Inc. grew its position in Canopy Growth by 53.5% during the first quarter. Oppenheimer & Co. Inc. now owns 20,296 shares of the company’s stock worth $154,000 after buying an additional 7,076 shares during the period. 12.80% of the stock is currently owned by institutional investors and hedge funds.

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.