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

Canopy Growth Co. (NASDAQ:CGC - Get Free Report) was the recipient of a large growth in short interest in the month of February. As of February 15th, there was short interest totalling 14,840,000 shares, a growth of 55.7% from the January 31st total of 9,530,000 shares. Approximately 10.4% of the shares of the stock are short sold. Based on an average trading volume of 6,870,000 shares, the short-interest ratio is currently 2.2 days.

Institutional Investors Weigh In On Canopy Growth

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp raised its position in Canopy Growth by 222.9% in the fourth quarter. Jones Financial Companies Lllp now owns 9,315 shares of the company's stock valued at $26,000 after purchasing an additional 6,430 shares during the period. Sassicaia Capital Advisers LLC purchased a new position in Canopy Growth during the 3rd quarter worth approximately $54,000. Financial Advocates Investment Management purchased a new stake in shares of Canopy Growth in the third quarter valued at about $57,000. Apollon Wealth Management LLC acquired a new stake in shares of Canopy Growth during the fourth quarter worth $38,000. Finally, Dimensional Fund Advisors LP purchased a new position in shares of Canopy Growth during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 3.33% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Atb Cap Markets cut Canopy Growth from a "hold" rating to a "strong sell" rating in a research report on Monday, December 16th.

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Canopy Growth Stock Performance

Shares of CGC remained flat at $1.25 during trading hours on Wednesday. The company had a trading volume of 14,734,364 shares, compared to its average volume of 8,517,099. The stock has a 50-day moving average price of $2.16 and a 200-day moving average price of $3.62. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.58 and a current ratio of 3.52. The firm has a market capitalization of $194.27 million, a P/E ratio of -0.33 and a beta of 0.87. Canopy Growth has a 52-week low of $1.18 and a 52-week high of $14.92.

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.