Canopy Growth Target of Unusually Large Options Trading (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) saw some unusual options trading on Wednesday. Stock investors acquired 48,090 call options on the company. This is an increase of approximately 211% compared to the typical daily volume of 15,480 call options.

Analyst Upgrades and Downgrades

Separately, Atb Cap Markets downgraded Canopy Growth from a “hold” rating to a “strong sell” rating in a research note on Monday, December 16th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CGC. Apollon Wealth Management LLC purchased a new stake in Canopy Growth during the fourth quarter valued at about $38,000. PFG Investments LLC acquired a new stake in Canopy Growth in the third quarter worth $54,000. Sassicaia Capital Advisers LLC acquired a new position in Canopy Growth during the 3rd quarter worth $54,000. Financial Advocates Investment Management bought a new stake in shares of Canopy Growth in the 3rd quarter worth $57,000. Finally, Concurrent Investment Advisors LLC lifted its holdings in shares of Canopy Growth by 26.6% during the fourth quarter. Concurrent Investment Advisors LLC now owns 24,644 shares of the company’s stock valued at $68,000 after purchasing an additional 5,172 shares during the last quarter. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Up 22.0 %

Shares of NASDAQ:CGC traded up $0.46 during trading on Wednesday, hitting $2.53. 21,910,471 shares of the company were exchanged, compared to its average volume of 6,344,545. The firm’s 50 day moving average price is $2.79 and its 200-day moving average price is $4.36. Canopy Growth has a 12-month low of $1.85 and a 12-month high of $14.92. The stock has a market capitalization of $329.34 million, a P/E ratio of -0.51 and a beta of 0.86. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.39 and a quick ratio of 1.07.

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.