Canopy Growth Co. (NASDAQ:CGC) Short Interest Update

Canopy Growth Co. (NASDAQ:CGC - Get Free Report) was the target of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 9,230,000 shares, a growth of 16.0% from the September 30th total of 7,960,000 shares. Based on an average trading volume of 3,740,000 shares, the days-to-cover ratio is presently 2.5 days. Approximately 11.0% of the shares of the company are short sold.

Canopy Growth Stock Performance

Canopy Growth stock traded down $0.15 during trading on Tuesday, hitting $5.25. The stock had a trading volume of 6,269,968 shares, compared to its average volume of 7,723,175. The stock's 50 day moving average is $4.81 and its two-hundred day moving average is $6.77. Canopy Growth has a 1 year low of $2.76 and a 1 year high of $14.92. The stock has a market cap of $492.79 million, a price-to-earnings ratio of -0.74 and a beta of 0.86. 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 (NASDAQ:CGC - Get Free Report) last issued its quarterly earnings results 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 net margin of 240.19% and a negative return on equity of 73.30%. The firm had revenue of $48.39 million for the quarter, compared to analysts' expectations of $51.82 million. As a group, analysts predict that Canopy Growth will post -1.42 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Canopy Growth

Large investors have recently modified their holdings of the business. Financial Advocates Investment Management bought a new position in shares of Canopy Growth in the third quarter worth $57,000. PFG Investments LLC purchased a new stake in Canopy Growth during the 3rd quarter worth about $54,000. Lake Street Private Wealth LLC boosted its stake in Canopy Growth by 47.6% in the 3rd quarter. Lake Street Private Wealth LLC now owns 44,638 shares of the company's stock worth $215,000 after purchasing an additional 14,398 shares during the period. Stratos Wealth Advisors LLC purchased a new position in Canopy Growth during the 3rd quarter valued at about $97,000. Finally, Vontobel Holding Ltd. bought a new stake in shares of Canopy Growth during the third quarter valued at about $92,000. 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.