Canopy Growth Co. (NASDAQ:CGC – Get Free Report) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 9,230,000 shares, an increase of 16.0% from the September 30th total of 7,960,000 shares. Approximately 11.0% of the shares of the company are short sold. Based on an average daily trading volume, of 3,740,000 shares, the days-to-cover ratio is currently 2.5 days.
Analyst Ratings Changes
Separately, Piper Sandler lowered their target price on Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th.
View Our Latest Stock Analysis on Canopy Growth
Canopy Growth Price Performance
Canopy Growth (NASDAQ:CGC – Get Free Report) last released its earnings results on Friday, August 9th. The company reported ($0.37) earnings per share 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 company had revenue of $48.39 million during the quarter, compared to the consensus estimate of $51.82 million. On average, sell-side analysts anticipate that Canopy Growth will post -1.42 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. PFG Investments LLC bought a new position in Canopy Growth during the 3rd quarter valued at approximately $54,000. Financial Advocates Investment Management bought a new position in Canopy Growth during the 3rd quarter valued at approximately $57,000. CIBC Asset Management Inc bought a new position in Canopy Growth during the 2nd quarter valued at approximately $91,000. Vontobel Holding Ltd. bought a new position in Canopy Growth during the 3rd quarter valued at approximately $92,000. Finally, Insigneo Advisory Services LLC bought a new position in Canopy Growth during the 2nd quarter valued at approximately $96,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.
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.
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