Shares of Canopy Growth Co. (NASDAQ:CGC – Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $0.77, but opened at $0.81. Canopy Growth shares last traded at $0.78, with a volume of 10,470,181 shares changing hands.
Analyst Upgrades and Downgrades
Separately, Bank of America raised their target price on Canopy Growth from $0.56 to $0.66 and gave the company an “underperform” rating in a report on Friday, September 15th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Canopy Growth presently has an average rating of “Hold” and an average target price of $2.33.
View Our Latest Stock Report on CGC
Canopy Growth Trading Up 9.5 %
Canopy Growth (NASDAQ:CGC – Get Free Report) last posted its quarterly earnings data on Wednesday, August 9th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. Canopy Growth had a negative net margin of 278.33% and a negative return on equity of 49.88%. The company had revenue of $80.95 million for the quarter, compared to analyst estimates of $69.67 million. As a group, equities analysts forecast that Canopy Growth Co. will post -0.38 earnings per share for the current year.
Insiders Place Their Bets
In other Canopy Growth news, Director David Angelo Lazzarato sold 38,963 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $0.71, for a total transaction of $27,663.73. Following the transaction, the director now directly owns 246,064 shares in the company, valued at approximately $174,705.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 82,364 shares of company stock worth $52,586. 0.32% of the stock is owned by corporate insiders.
Institutional Trading of Canopy Growth
Several large investors have recently made changes to their positions in the company. Flow Traders U.S. LLC bought a new position in Canopy Growth in the second quarter worth approximately $25,000. Tower Research Capital LLC TRC lifted its holdings in shares of Canopy Growth by 144.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 67,498 shares of the company’s stock worth $26,000 after purchasing an additional 39,861 shares in the last quarter. FinTrust Capital Advisors LLC grew its position in Canopy Growth by 94.7% in the 2nd quarter. FinTrust Capital Advisors LLC now owns 61,690 shares of the company’s stock valued at $27,000 after purchasing an additional 30,000 shares during the period. Cyndeo Wealth Partners LLC bought a new stake in Canopy Growth during the 1st quarter valued at $28,000. Finally, QCM Cayman Ltd. acquired a new position in Canopy Growth during the first quarter worth $31,000. 12.80% of the stock is currently owned by institutional investors and hedge funds.
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 Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.
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