Canopy Growth (NASDAQ:CGC) Trading 16.5% Higher

Canopy Growth Co. (NASDAQ:CGC) traded up 16.5% on Thursday . The stock traded as high as $7.60 and last traded at $7.56. 4,203,761 shares changed hands during trading, a decline of 56% from the average session volume of 9,616,884 shares. The stock had previously closed at $6.49.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Piper Sandler cut 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. Sanford C. Bernstein raised their price target on Canopy Growth to $5.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st.

Canopy Growth Stock Performance

The company has a 50-day moving average price of $5.48 and a 200-day moving average price of $5.46. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($1.34). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The firm had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. On average, sell-side analysts predict that Canopy Growth Co. will post -6.14 earnings per share for the current year.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors have recently added to or reduced their stakes in CGC. Envestnet Asset Management Inc. grew its position in Canopy Growth by 66.8% during the first quarter. Envestnet Asset Management Inc. now owns 21,989 shares of the company’s stock worth $167,000 after buying an additional 8,809 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Canopy Growth by 9.4% during the first quarter. JPMorgan Chase & Co. now owns 822,433 shares of the company’s stock valued at $6,233,000 after purchasing an additional 70,929 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Canopy Growth by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 241,342 shares of the company’s stock valued at $1,829,000 after purchasing an additional 2,621 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Canopy Growth by 53.5% during the first quarter. Oppenheimer & Co. Inc. now owns 20,296 shares of the company’s stock valued at $154,000 after purchasing an additional 7,076 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings in Canopy Growth by 20.7% during the first quarter. Citigroup Inc. now owns 151,056 shares of the company’s stock valued at $1,146,000 after purchasing an additional 25,878 shares in the last quarter. 3.33% of the stock is owned by institutional investors and hedge funds.

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.