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

Canopy Growth Co. (NASDAQ:CGC) saw unusually large options trading activity on Tuesday. Stock investors purchased 46,018 call options on the stock. This represents an increase of 171% compared to the typical volume of 17,008 call options.

Canopy Growth Stock Up 14.7 %

Shares of Canopy Growth stock opened at $4.98 on Wednesday. Canopy Growth has a 1 year low of $2.76 and a 1 year high of $14.92. The company has a 50-day moving average of $5.01 and a 200 day moving average of $6.93. The firm has a market cap of $379.47 million, a price-to-earnings ratio of -0.78 and a beta of 0.86. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.15 and a quick ratio of 1.64.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.06). Canopy Growth had a negative net margin of 240.19% and a negative return on equity of 73.30%. The firm had revenue of $48.39 million for the quarter, compared to analysts’ expectations of $51.82 million. As a group, sell-side analysts anticipate that Canopy Growth will post -1.42 earnings per share for the current fiscal year.

Institutional Trading of Canopy Growth

Several institutional investors have recently bought and sold shares of CGC. Concurrent Investment Advisors LLC purchased a new stake in shares of Canopy Growth during the 1st quarter valued at about $289,000. SG Americas Securities LLC purchased a new stake in shares of Canopy Growth during the 1st quarter valued at about $740,000. Baader Bank Aktiengesellschaft boosted its holdings in shares of Canopy Growth by 137.3% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 135,275 shares of the company’s stock valued at $873,000 after acquiring an additional 78,275 shares during the last quarter. Headlands Technologies LLC boosted its holdings in shares of Canopy Growth by 36,747.5% during the 2nd quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock valued at $761,000 after acquiring an additional 117,592 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of Canopy Growth during the 1st quarter valued at about $475,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Piper Sandler decreased their price target on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, July 9th.

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.