Canopy Growth (NASDAQ:CGC) Shares Gap Up - What's Next?

Canopy Growth Co. (NASDAQ:CGC - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $4.86, but opened at $5.12. Canopy Growth shares last traded at $5.72, with a volume of 6,583,458 shares trading hands.

Analyst Upgrades and Downgrades

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

Canopy Growth Stock Performance

The firm's fifty day simple moving average is $4.71 and its 200 day simple moving average is $6.71. The company has a market capitalization of $515.31 million, a price-to-earnings ratio of -0.78 and a beta of 0.87. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.15 and a quick ratio of 1.64.

Canopy Growth (NASDAQ:CGC - Get Free Report) last posted its quarterly earnings data 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 return on equity of 73.30% and a negative net margin of 240.19%. The firm had revenue of $48.39 million during the quarter, compared to analyst estimates of $51.82 million. On average, sell-side analysts forecast that Canopy Growth Co. will post -1.42 EPS for the current year.

Hedge Funds Weigh In On Canopy Growth

Institutional investors and hedge funds have recently bought and sold shares of the business. Tidal Investments LLC bought a new position in Canopy Growth during the first quarter valued at approximately $21,718,000. Murchinson Ltd. acquired a new stake in shares of Canopy Growth in the 1st quarter valued at $13,149,000. Baader Bank Aktiengesellschaft boosted its holdings in Canopy Growth by 137.3% in the second quarter. Baader Bank Aktiengesellschaft now owns 135,275 shares of the company's stock worth $873,000 after purchasing an additional 78,275 shares in the last quarter. Headlands Technologies LLC increased its position in Canopy Growth by 36,747.5% during the second quarter. Headlands Technologies LLC now owns 117,912 shares of the company's stock worth $761,000 after buying an additional 117,592 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in Canopy Growth by 168.6% during the second quarter. Squarepoint Ops LLC now owns 91,227 shares of the company's stock valued at $588,000 after buying an additional 57,262 shares in the last quarter. Hedge funds and other institutional investors own 3.33% of the company's stock.

Canopy Growth Company Profile

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.