Canopy Growth Corp (NYSE:CGC) Sees Large Increase in Short Interest

Canopy Growth Corp (NYSE:CGC) was the recipient of a large increase in short interest in the month of March. As of March 29th, there was short interest totalling 26,073,945 shares, an increase of 11.9% from the March 15th total of 23,300,188 shares. Based on an average daily trading volume, of 6,300,966 shares, the days-to-cover ratio is presently 4.1 days.

Several large investors have recently bought and sold shares of the business. Exane Derivatives grew its stake in shares of Canopy Growth by 18.3% in the second quarter. Exane Derivatives now owns 15,745 shares of the marijuana producer’s stock worth $635,000 after acquiring an additional 2,438 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Canopy Growth by 80.0% in the second quarter. Valeo Financial Advisors LLC now owns 5,792 shares of the marijuana producer’s stock worth $233,000 after acquiring an additional 2,575 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its stake in shares of Canopy Growth by 6.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the marijuana producer’s stock worth $1,577,000 after acquiring an additional 2,296 shares in the last quarter. Laurel Wealth Advisors Inc. grew its stake in shares of Canopy Growth by 9.5% in the first quarter. Laurel Wealth Advisors Inc. now owns 9,605 shares of the marijuana producer’s stock worth $417,000 after acquiring an additional 836 shares in the last quarter. Finally, M Holdings Securities Inc. acquired a new position in shares of Canopy Growth in the first quarter worth $988,000. Institutional investors and hedge funds own 8.05% of the company’s stock.

Canopy Growth stock traded down $2.88 during trading on Friday, hitting $34.21. The company had a trading volume of 14,116,477 shares, compared to its average volume of 7,068,426. Canopy Growth has a 1-year low of $24.21 and a 1-year high of $59.25. The company has a current ratio of 12.32, a quick ratio of 11.49 and a debt-to-equity ratio of 0.12. The company has a 50 day simple moving average of $41.27. The stock has a market cap of $12.83 billion, a PE ratio of -21.52 and a beta of 3.65.

Canopy Growth (NYSE:CGC) last posted its earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative net margin of 304.03% and a negative return on equity of 15.82%. The company had revenue of $70.74 million during the quarter, compared to analyst estimates of $71.06 million. On average, equities analysts anticipate that Canopy Growth will post -0.82 earnings per share for the current year.

Several research firms have recently commented on CGC. Stifel Nicolaus reaffirmed a “buy” rating on shares of Canopy Growth in a research report on Wednesday, July 3rd. Bryan, Garnier & Co reaffirmed a “neutral” rating and set a $60.00 price target (down previously from $85.00) on shares of in a research report on Friday, July 5th. Compass Point initiated coverage on shares of Randsburg International Gold in a report on Monday, June 10th. They issued a “buy” rating for the company. Evercore ISI initiated coverage on shares of LYFT in a report on Wednesday, June 12th. They issued an “outperform” rating and a $74.00 target price for the company. Finally, Zacks Investment Research downgraded shares of Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $55.34.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.

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