Canopy Growth Co. (NASDAQ:CGC – Get Free Report) was the target of some unusual options trading activity on Tuesday. Investors purchased 46,018 call options on the company. This is an increase of 171% compared to the average volume of 17,008 call options.
Hedge Funds Weigh In On Canopy Growth
A number of hedge funds have recently modified their holdings of the business. Tidal Investments LLC acquired a new position in Canopy Growth in the first quarter valued at $21,718,000. Murchinson Ltd. acquired a new position in Canopy Growth in the first quarter valued at $13,149,000. Baader Bank Aktiengesellschaft lifted its holdings in Canopy Growth by 137.3% in the second quarter. Baader Bank Aktiengesellschaft now owns 135,275 shares of the company’s stock valued at $873,000 after buying an additional 78,275 shares during the period. Headlands Technologies LLC lifted its holdings in Canopy Growth by 36,747.5% in the second quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock valued at $761,000 after buying an additional 117,592 shares during the period. Finally, Squarepoint Ops LLC lifted its holdings in Canopy Growth by 168.6% in the second quarter. Squarepoint Ops LLC now owns 91,227 shares of the company’s stock valued at $588,000 after buying an additional 57,262 shares during the period. Institutional investors and hedge funds own 3.33% of the company’s stock.
Canopy Growth Stock Performance
Shares of Canopy Growth stock opened at $5.04 on Thursday. Canopy Growth has a fifty-two week low of $2.76 and a fifty-two week high of $14.92. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.15 and a quick ratio of 1.64. The firm has a market capitalization of $384.04 million, a P/E ratio of -0.79 and a beta of 0.86. The company’s 50 day moving average price is $4.97 and its two-hundred day moving average price is $6.90.
Analysts Set New Price Targets
Separately, Piper Sandler decreased their price objective on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th.
Read Our Latest Stock Analysis on Canopy Growth
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.
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