Investors Purchase High Volume of Canopy Growth Call Options (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) saw some unusual options trading activity on Wednesday. Stock traders acquired 48,090 call options on the stock. This represents an increase of approximately 211% compared to the average daily volume of 15,480 call options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Apollon Wealth Management LLC bought a new stake in Canopy Growth in the 4th quarter valued at $38,000. PFG Investments LLC bought a new position in shares of Canopy Growth in the third quarter valued at about $54,000. Sassicaia Capital Advisers LLC acquired a new stake in shares of Canopy Growth during the 3rd quarter worth about $54,000. Financial Advocates Investment Management bought a new stake in shares of Canopy Growth during the 3rd quarter worth about $57,000. Finally, Concurrent Investment Advisors LLC grew its stake in Canopy Growth by 26.6% in the 4th quarter. Concurrent Investment Advisors LLC now owns 24,644 shares of the company’s stock valued at $68,000 after buying an additional 5,172 shares during the last quarter. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Price Performance

NASDAQ:CGC opened at $2.53 on Thursday. The stock has a market capitalization of $329.99 million, a PE ratio of -0.51 and a beta of 0.86. Canopy Growth has a 1-year low of $1.85 and a 1-year high of $14.92. The firm has a fifty day simple moving average of $2.76 and a 200 day simple moving average of $4.34. The company has a current ratio of 1.39, a quick ratio of 1.07 and a debt-to-equity ratio of 0.82.

Analyst Upgrades and Downgrades

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

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.