Canopy Growth Co. (NASDAQ:CGC – Get Free Report) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 37,850,000 shares, a growth of 13.5% from the October 15th total of 33,350,000 shares. Based on an average trading volume of 51,640,000 shares, the days-to-cover ratio is presently 0.7 days.
Canopy Growth Trading Down 2.2 %
Shares of Canopy Growth stock opened at $0.53 on Friday. The stock has a market capitalization of $440.08 million, a PE ratio of -0.31 and a beta of 1.64. Canopy Growth has a 52 week low of $0.35 and a 52 week high of $4.77. The stock has a 50 day moving average price of $0.75 and a two-hundred day moving average price of $0.69. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.07 and a current ratio of 2.52.
Wall Street Analyst Weigh In
Separately, Bank of America boosted their target price on shares of Canopy Growth from $0.56 to $0.66 and gave the company an “underperform” rating in a research report on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.02.
Insider Transactions at Canopy Growth
In other news, Director David Angelo Lazzarato sold 38,963 shares of the company’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 sale, the director now directly owns 246,064 shares of the company’s stock, valued at approximately $174,705.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.32% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Canopy Growth
Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in Canopy Growth by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 241,342 shares of the company’s stock valued at $1,829,000 after acquiring an additional 2,621 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Canopy Growth by 14.5% in the third quarter. Tower Research Capital LLC TRC now owns 23,108 shares of the company’s stock valued at $64,000 after purchasing an additional 2,927 shares in the last quarter. Mariner LLC boosted its position in shares of Canopy Growth by 21.5% during the fourth quarter. Mariner LLC now owns 33,550 shares of the company’s stock valued at $78,000 after buying an additional 5,927 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in Canopy Growth during the first quarter worth $202,000. Finally, Oppenheimer & Co. Inc. raised its position in Canopy Growth by 53.5% in the 1st quarter. Oppenheimer & Co. Inc. now owns 20,296 shares of the company’s stock valued at $154,000 after buying an additional 7,076 shares during the last quarter. 12.80% of the stock is currently owned by 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.
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