Canopy Growth (NASDAQ:CGC) Insider Sells $57,224.18 in Stock

Canopy Growth Corporation (NASDAQ:CGC) insider Christelle Gedeon sold 58,994 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $57,224.18. Following the completion of the transaction, the insider owned 705,506 shares in the company, valued at $684,340.82. The trade was a 7.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Canopy Growth Stock Performance

Shares of Canopy Growth stock opened at $0.92 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.64 and a current ratio of 3.34. Canopy Growth Corporation has a 1 year low of $0.84 and a 1 year high of $2.38. The firm’s 50-day simple moving average is $1.07 and its 200-day simple moving average is $1.12. The firm has a market cap of $372.48 million, a PE ratio of -1.56 and a beta of 0.77.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results on Monday, June 15th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Canopy Growth had a negative return on equity of 26.95% and a negative net margin of 75.27%.The firm had revenue of $51.22 million during the quarter, compared to analyst estimates of $53.43 million. Equities analysts forecast that Canopy Growth Corporation will post -0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CGC has been the topic of several research reports. Canaccord Genuity Group assumed coverage on Canopy Growth in a research report on Friday, March 27th. They set a “buy” rating on the stock. Weiss Ratings lowered shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 15th. Wall Street Zen downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Finally, ATB Cormark Capital Markets raised shares of Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a report on Tuesday, March 17th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

Institutional Investors Weigh In On Canopy Growth

Hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd raised its holdings in Canopy Growth by 723.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after buying an additional 4,037,281 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Canopy Growth by 196.9% during the 3rd quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock valued at $4,579,000 after acquiring an additional 2,080,994 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Canopy Growth by 19,571.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock valued at $2,305,000 after acquiring an additional 2,011,917 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Canopy Growth in the 1st quarter valued at approximately $1,716,000. Finally, Two Sigma Investments LP acquired a new stake in Canopy Growth in the 3rd quarter worth approximately $1,767,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

Canopy Growth Company Profile

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.