Canopy Growth Corporation (NASDAQ:CGC) Sees Significant Decrease in Short Interest

Canopy Growth Corporation (NASDAQ:CGC) was the recipient of a significant drop in short interest during the month of August. As of August 15th, there was short interest totaling 21,720,000 shares, adropof22.3% from the July 31st total of 27,960,000 shares. Based on an average trading volume of 14,320,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately9.3% of the company’s shares are short sold. Approximately9.3% of the company’s shares are short sold. Based on an average trading volume of 14,320,000 shares, the days-to-cover ratio is currently 1.5 days.

Insider Transactions at Canopy Growth

In other Canopy Growth news, insider Christelle Gedeon sold 16,929 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $1.74, for a total value of $29,456.46. Following the sale, the insider directly owned 368,488 shares in the company, valued at approximately $641,169.12. This trade represents a 4.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 27,225 shares of company stock valued at $47,915 over the last quarter. 0.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CGC. Boothbay Fund Management LLC bought a new position in Canopy Growth in the second quarter valued at $30,000. Wealth Enhancement Advisory Services LLC grew its position in Canopy Growth by 81.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,336 shares of the company’s stock valued at $41,000 after purchasing an additional 14,498 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in Canopy Growth in the fourth quarter valued at $41,000. Mackenzie Financial Corp grew its position in shares of Canopy Growth by 56.5% in the 1st quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock valued at $47,000 after acquiring an additional 18,202 shares during the period. Finally, Osaic Holdings Inc. grew its position in shares of Canopy Growth by 77.6% in the 2nd quarter. Osaic Holdings Inc. now owns 75,335 shares of the company’s stock valued at $92,000 after acquiring an additional 32,927 shares during the period. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Up 2.6%

Shares of NASDAQ:CGC traded up $0.04 during midday trading on Tuesday, reaching $1.39. 4,914,697 shares of the company were exchanged, compared to its average volume of 11,177,128. Canopy Growth has a fifty-two week low of $0.77 and a fifty-two week high of $5.80. The company has a quick ratio of 2.12, a current ratio of 3.07 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $1.28 and a two-hundred day simple moving average of $1.28. The firm has a market cap of $332.19 million, a PE ratio of -0.46 and a beta of 0.76.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Friday, August 8th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $52.98 million during the quarter, compared to the consensus estimate of $64.98 million. Canopy Growth had a negative net margin of 155.76% and a negative return on equity of 89.93%. As a group, sell-side analysts forecast that Canopy Growth will post -2.81 earnings per share for the current year.

Analyst Ratings Changes

CGC has been the topic of several analyst reports. Piper Sandler reiterated an “underweight” rating on shares of Canopy Growth in a report on Friday, May 30th. Zacks Research upgraded shares of Canopy Growth to a “hold” rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Sell”.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.