Canopy Growth Co. (NASDAQ:CGC) Sees Large Growth in Short Interest

Canopy Growth Co. (NASDAQ:CGC) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 9,760,000 shares, an increase of 6.2% from the November 30th total of 9,190,000 shares. Approximately 10.0% of the company’s stock are sold short. Based on an average daily volume of 5,800,000 shares, the short-interest ratio is currently 1.7 days.

Wall Street Analysts Forecast Growth

Separately, Atb Cap Markets downgraded Canopy Growth from a “hold” rating to a “strong sell” rating in a report on Monday, December 16th.

Institutional Investors Weigh In On Canopy Growth

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC purchased a new stake in Canopy Growth in the third quarter valued at approximately $1,882,000. Headlands Technologies LLC boosted its stake in Canopy Growth by 36,747.5% during the 2nd quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock worth $761,000 after purchasing an additional 117,592 shares during the period. Squarepoint Ops LLC boosted its stake in Canopy Growth by 168.6% during the 2nd quarter. Squarepoint Ops LLC now owns 91,227 shares of the company’s stock worth $588,000 after purchasing an additional 57,262 shares during the period. TD Asset Management Inc increased its stake in Canopy Growth by 16.1% in the second quarter. TD Asset Management Inc now owns 74,758 shares of the company’s stock valued at $483,000 after purchasing an additional 10,376 shares during the period. Finally, AdvisorShares Investments LLC raised its holdings in shares of Canopy Growth by 86.7% in the second quarter. AdvisorShares Investments LLC now owns 68,922 shares of the company’s stock valued at $440,000 after buying an additional 32,000 shares during the last quarter. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Price Performance

CGC stock opened at $2.74 on Thursday. The company’s 50 day moving average is $3.84 and its two-hundred day moving average is $5.13. Canopy Growth has a twelve month low of $2.65 and a twelve month high of $14.92. The company has a current ratio of 1.39, a quick ratio of 1.07 and a debt-to-equity ratio of 0.82. The stock has a market cap of $298.50 million, a P/E ratio of -0.56 and a beta of 0.83.

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.