Traders Purchase Large Volume of Call Options on Canopy Growth (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) was the target of some unusual options trading activity on Friday. Stock traders acquired 84,497 call options on the company. This represents an increase of 132% compared to the typical volume of 36,404 call options.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Genesee Capital Advisors LLC raised its position in shares of Canopy Growth by 29.9% in the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock worth $113,000 after acquiring an additional 3,000 shares in the last quarter. PCG Wealth Advisors LLC raised its position in shares of Canopy Growth by 73.6% in the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after acquiring an additional 13,300 shares in the last quarter. Gainplan LLC bought a new position in shares of Canopy Growth in the 1st quarter worth $302,000. Vanguard Personalized Indexing Management LLC raised its position in shares of Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock worth $34,000 after acquiring an additional 28,666 shares in the last quarter. Finally, Sycomore Asset Management bought a new position in shares of Canopy Growth in the 3rd quarter worth $39,000. 3.33% of the stock is owned by institutional investors.

Canopy Growth Price Performance

Shares of Canopy Growth stock opened at $10.24 on Friday. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -0.68 and a beta of 1.10. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79. The stock has a 50 day moving average price of $6.73 and a 200-day moving average price of $5.66. Canopy Growth has a one year low of $2.76 and a one year high of $19.20.

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

Analysts Set New Price Targets

CGC has been the subject of a number of analyst reports. Sanford C. Bernstein raised their price objective on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler reduced their price target on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research note on Monday, February 12th.

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.