Canopy Growth Co. (NASDAQ:CGC – Get Free Report) was up 10.5% on Thursday . The company traded as high as $10.18 and last traded at $9.98. Approximately 14,459,749 shares were traded during trading, an increase of 25% from the average daily volume of 11,582,727 shares. The stock had previously closed at $9.03.
Analyst Ratings Changes
Several analysts recently issued reports on CGC shares. Sanford C. Bernstein boosted their price target on Canopy Growth to $5.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. Piper Sandler decreased their price target on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a research note on Monday, February 12th.
View Our Latest Analysis on Canopy Growth
Canopy Growth Stock Up 9.2 %
Canopy Growth (NASDAQ:CGC – Get Free Report) last posted its quarterly earnings data on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $53.25 million. Sell-side analysts predict that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in CGC. SG Americas Securities LLC bought a new position in shares of Canopy Growth during the 1st quarter valued at approximately $740,000. Concurrent Investment Advisors LLC bought a new stake in Canopy Growth during the 1st quarter valued at $289,000. PCG Wealth Advisors LLC boosted its holdings in shares of Canopy Growth by 73.6% in the first 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 during the period. Gainplan LLC bought a new stake in shares of Canopy Growth during the 1st quarter valued at $302,000. Finally, Genesee Capital Advisors LLC lifted its holdings in Canopy Growth by 29.9% during the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock worth $113,000 after purchasing an additional 3,000 shares in the last quarter. 3.33% of the stock is owned by institutional investors.
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.
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