Canopy Growth (NASDAQ:CGC) Shares Gap Down to $9.03

Canopy Growth Co. (NASDAQ:CGC)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $9.03, but opened at $8.73. Canopy Growth shares last traded at $8.87, with a volume of 2,130,920 shares traded.

Analysts Set New Price Targets

CGC has been the topic of several research analyst reports. Sanford C. Bernstein increased their price target on Canopy Growth to $5.00 and gave the company a “market perform” rating in a report 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 research report on Monday, February 12th.

Canopy Growth Stock Performance

The company’s 50 day moving average price is $5.88 and its two-hundred day moving average price is $5.50. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CGC. Lord Abbett & CO. LLC bought a new stake in Canopy Growth during the third quarter valued at about $18,140,000. Commonwealth Equity Services LLC lifted its holdings in Canopy Growth by 83.3% in 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. TD Asset Management Inc boosted its stake in Canopy Growth by 26.2% in the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock worth $298,000 after purchasing an additional 79,639 shares during the period. FinTrust Capital Advisors LLC grew its holdings in Canopy Growth by 89.2% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company’s stock valued at $91,000 after buying an additional 55,000 shares in the last quarter. Finally, Genesee Capital Advisors LLC bought a new stake in shares of Canopy Growth during the third quarter valued at approximately $40,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

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.