Investors Purchase Large Volume of Canopy Growth Call Options (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC - Get Free Report) was the target of some unusual options trading on Tuesday. Stock traders purchased 46,018 call options on the company. This represents an increase of 171% compared to the average volume of 17,008 call options.

Institutional Trading of Canopy Growth

Institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc bought a new position in shares of Canopy Growth during the 2nd quarter valued at about $91,000. Insigneo Advisory Services LLC bought a new position in Canopy Growth in the second quarter valued at approximately $96,000. Genesee Capital Advisors LLC increased its position in shares of Canopy Growth by 15.3% during the second quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company's stock worth $97,000 after acquiring an additional 2,000 shares in the last quarter. Vontobel Holding Ltd. acquired a new stake in shares of Canopy Growth during the third quarter worth $92,000. Finally, Stratos Wealth Advisors LLC bought a new stake in Canopy Growth in the 3rd quarter valued at $97,000. Institutional investors and hedge funds own 3.33% of the company's stock.

Canopy Growth Price Performance

Shares of NASDAQ CGC traded up $0.64 during mid-day trading on Tuesday, hitting $4.98. 18,339,556 shares of the stock were exchanged, compared to its average volume of 7,687,481. The company has a market cap of $379.47 million, a P/E ratio of -0.78 and a beta of 0.86. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.64 and a current ratio of 2.15. Canopy Growth has a twelve month low of $2.76 and a twelve month high of $14.92. The stock's fifty day simple moving average is $5.01 and its two-hundred day simple moving average is $6.93.

Canopy Growth (NASDAQ:CGC - Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.06). Canopy Growth had a negative net margin of 240.19% and a negative return on equity of 73.30%. The company had revenue of $48.39 million during the quarter, compared to analyst estimates of $51.82 million. As a group, analysts forecast that Canopy Growth will post -1.42 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.