Canopy Growth (NASDAQ:CGC) Trading 5.8% Higher

Canopy Growth Co. (NASDAQ:CGC) shares traded up 5.8% on Wednesday . The company traded as high as $6.63 and last traded at $6.62. 545,673 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 10,063,164 shares. The stock had previously closed at $6.26.

Wall Street Analysts Forecast Growth

Separately, Atb Cap Markets raised shares of Canopy Growth to a “hold” rating in a research note on Monday, June 17th.

Canopy Growth Price Performance

The stock’s fifty day moving average price is $8.44 and its 200-day moving average price is $6.36. The company has a current ratio of 1.58, a quick ratio of 1.25 and a debt-to-equity ratio of 0.99.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. The business had revenue of $53.99 million during the quarter, compared to the consensus estimate of $52.71 million. Canopy Growth had a negative net margin of 185.77% and a negative return on equity of 62.67%. On average, sell-side analysts expect that Canopy Growth Co. will post -1.08 EPS for the current fiscal year.

Insider Transactions at Canopy Growth

In other news, Director Willy Kruh sold 3,738 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $9.94, for a total transaction of $37,155.72. Following the completion of the sale, the director now owns 17,295 shares in the company, valued at approximately $171,912.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 7,545 shares of company stock worth $67,997 in the last 90 days. Insiders own 0.35% of the company’s stock.

Institutional Trading of Canopy Growth

Institutional investors have recently added to or reduced their stakes in the stock. Genesee Capital Advisors LLC increased its holdings in Canopy Growth by 29.9% in the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock valued at $113,000 after purchasing an additional 3,000 shares during the last quarter. PCG Wealth Advisors LLC lifted its position in shares of Canopy Growth by 73.6% during the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after purchasing an additional 13,300 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new stake in shares of Canopy Growth during the 1st quarter worth $289,000. Gainplan LLC purchased a new stake in shares of Canopy Growth during the 1st quarter worth $302,000. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of Canopy Growth during the 1st quarter worth $475,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

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.