Investors Purchase High Volume of Call Options on Canopy Growth (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) saw some unusual options trading activity on Friday. Traders purchased 84,497 call options on the company. This represents an increase of approximately 132% compared to the typical daily volume of 36,404 call options.

Canopy Growth Stock Down 1.0 %

CGC opened at $10.24 on Friday. The company has a current ratio of 1.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.96. The business has a 50 day moving average of $6.60 and a 200-day moving average of $5.64. Canopy Growth has a 1-year low of $2.76 and a 1-year high of $19.20. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -0.68 and a beta of 1.10.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). The company had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. As a group, sell-side analysts anticipate that Canopy Growth will post -6.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CGC shares. Sanford C. Bernstein lifted their target price on Canopy Growth to $5.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler dropped their target price on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a report on Monday, February 12th.

Institutional Trading of Canopy Growth

A number of institutional investors and hedge funds have recently modified their holdings of CGC. Commonwealth Equity Services LLC increased its holdings in Canopy Growth by 83.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock worth $426,000 after purchasing an additional 247,407 shares in the last quarter. FinTrust Capital Advisors LLC boosted its stake in Canopy Growth by 89.2% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company’s stock valued at $91,000 after purchasing an additional 55,000 shares during the period. Genesee Capital Advisors LLC bought a new position in shares of Canopy Growth during the third quarter worth approximately $40,000. Redmont Wealth Advisors LLC bought a new stake in Canopy Growth during the third quarter worth about $39,000. Finally, Mackenzie Financial Corp raised its position in Canopy Growth by 30.7% during the third quarter. Mackenzie Financial Corp now owns 173,330 shares of the company’s stock valued at $136,000 after purchasing an additional 40,675 shares in the last quarter. 3.33% of the stock is owned by institutional investors.

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.