Canopy Growth Co. (NASDAQ:CGC) Sees Significant Growth in Short Interest

Canopy Growth Co. (NASDAQ:CGC) saw a significant growth in short interest in September. As of September 30th, there was short interest totalling 7,960,000 shares, a growth of 6.4% from the September 15th total of 7,480,000 shares. Based on an average daily volume of 3,670,000 shares, the short-interest ratio is presently 2.2 days. Currently, 9.5% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their price target on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, July 9th.

Institutional Trading of Canopy Growth

A number of institutional investors have recently bought and sold shares of CGC. CIBC Asset Management Inc bought a new position in Canopy Growth during the 2nd quarter valued at about $91,000. Insigneo Advisory Services LLC purchased a new stake in shares of Canopy Growth in the second quarter worth approximately $96,000. Genesee Capital Advisors LLC lifted its stake in shares of Canopy Growth by 15.3% during the 2nd quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock worth $97,000 after acquiring an additional 2,000 shares during the last quarter. Vontobel Holding Ltd. purchased a new position in Canopy Growth during the 3rd quarter valued at $92,000. Finally, Stratos Wealth Advisors LLC bought a new position in Canopy Growth in the 3rd quarter valued at $97,000. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Trading Up 1.2 %

Shares of CGC opened at $4.31 on Friday. 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 quick ratio of 1.64 and a current ratio of 2.15. The company’s fifty day moving average is $5.09 and its 200 day moving average is $7.03. The stock has a market capitalization of $328.41 million, a PE ratio of -0.68 and a beta of 0.86.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.06). Canopy Growth had a negative net margin of 240.19% and a negative return on equity of 73.30%. The business had revenue of $48.39 million during the quarter, compared to the consensus estimate of $51.82 million. Sell-side analysts expect that Canopy Growth will post -1.42 earnings per share for the current fiscal year.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.