Key Points
- Canopy Growth insider Christelle Gedeon sold 58,994 shares on June 17 at an average price of $0.97, totaling about $57,224. The sale reduced the insider’s direct ownership by 7.72%.
- The stock fell 1.0% and opened at $0.96, near its 52-week low of $0.84 and well below its 52-week high of $2.38. Canopy Growth also remains below both its 50-day and 200-day moving averages.
- The company recently reported weaker-than-expected quarterly results, posting EPS of -$0.17 versus an expected -$0.06 and revenue of $51.22 million versus $53.43 million estimated. Analysts currently have an average rating of Hold on the stock.
Canopy Growth Corporation (NASDAQ:CGC - Get Free Report) insider Christelle Gedeon sold 58,994 shares of Canopy Growth stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $57,224.18. Following the completion of the transaction, the insider directly owned 705,506 shares in the company, valued at approximately $684,340.82. This trade represents a 7.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Canopy Growth Stock Down 1.0%
Shares of NASDAQ:CGC opened at $0.96 on Tuesday. The firm has a 50 day simple moving average of $1.08 and a 200 day simple moving average of $1.13. Canopy Growth Corporation has a 52 week low of $0.84 and a 52 week high of $2.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.64 and a current ratio of 3.34. The company has a market cap of $386.78 million, a PE ratio of -1.62 and a beta of 0.77.
Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its earnings results on Monday, June 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The firm had revenue of $51.22 million for the quarter, compared to analyst estimates of $53.43 million. Canopy Growth had a negative net margin of 75.27% and a negative return on equity of 26.95%. As a group, research analysts expect that Canopy Growth Corporation will post -0.11 earnings per share for the current year.
Institutional Trading of Canopy Growth
Several hedge funds and other institutional investors have recently modified their holdings of CGC. Jones Financial Companies Lllp increased its holdings in Canopy Growth by 10,308.3% in the first quarter. Jones Financial Companies Lllp now owns 969,533 shares of the company's stock worth $882,000 after buying an additional 960,218 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Canopy Growth by 64.6% in the first quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company's stock valued at $301,000 after acquiring an additional 129,620 shares during the last quarter. Murchinson Ltd. acquired a new stake in Canopy Growth in the second quarter valued at approximately $183,000. Boothbay Fund Management LLC bought a new stake in Canopy Growth in the second quarter worth approximately $30,000. Finally, Tidal Investments LLC grew its position in Canopy Growth by 31.5% in the second quarter. Tidal Investments LLC now owns 5,033,793 shares of the company's stock worth $6,141,000 after acquiring an additional 1,204,530 shares in the last quarter. 3.33% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. Weiss Ratings cut Canopy Growth from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, June 15th. Canaccord Genuity Group initiated coverage on shares of Canopy Growth in a research report on Friday, March 27th. They issued a "buy" rating for the company. ATB Cormark Capital Markets upgraded shares of Canopy Growth from a "strong sell" rating to a "moderate buy" rating in a report on Tuesday, March 17th. Finally, Wall Street Zen cut shares of Canopy Growth from a "hold" rating to a "sell" rating in a report on Sunday, March 29th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold".
Check Out Our Latest Stock Analysis on CGC
Canopy Growth Company Profile
(
Get Free Report)
Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.
The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.
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