Short Interest in Canopy Growth Co. (NASDAQ:CGC) Rises By 6.4%

Canopy Growth Co. (NASDAQ:CGC - Get Free Report) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 7,960,000 shares, an increase of 6.4% from the September 15th total of 7,480,000 shares. Based on an average daily volume of 3,670,000 shares, the short-interest ratio is currently 2.2 days. Approximately 9.5% of the company's stock are sold short.

Canopy Growth Stock Up 1.2 %

Shares of CGC traded up $0.05 during mid-day trading on Thursday, hitting $4.31. 2,357,813 shares of the company's stock were exchanged, compared to its average volume of 7,674,837. The company has a quick ratio of 1.64, a current ratio of 2.15 and a debt-to-equity ratio of 1.05. Canopy Growth has a twelve month low of $2.76 and a twelve month high of $14.92. The firm has a fifty day moving average of $5.14 and a two-hundred day moving average of $7.05. The stock has a market cap of $404.54 million, a price-to-earnings ratio of -0.60 and a beta of 0.86.

Canopy Growth (NASDAQ:CGC - Get Free Report) last posted its earnings results on Friday, August 9th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate 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 business had revenue of $48.39 million for the quarter, compared to analyst estimates of $51.82 million. On average, sell-side analysts forecast that Canopy Growth will post -1.42 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Vontobel Holding Ltd. acquired a new position in Canopy Growth during the third quarter valued at approximately $92,000. Mackenzie Financial Corp grew its stake in Canopy Growth by 13.2% in the 2nd quarter. Mackenzie Financial Corp now owns 33,165 shares of the company's stock valued at $214,000 after buying an additional 3,864 shares during the last quarter. Squarepoint Ops LLC raised its holdings in Canopy Growth by 168.6% in the 2nd quarter. Squarepoint Ops LLC now owns 91,227 shares of the company's stock worth $588,000 after acquiring an additional 57,262 shares during the period. Insigneo Advisory Services LLC bought a new position in Canopy Growth in the 2nd quarter worth $96,000. Finally, Farallon Capital Management LLC acquired a new position in Canopy Growth during the 2nd quarter worth $194,000. 3.33% of the stock is owned by institutional investors.

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.

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