Short Interest in Canopy Growth Co. (NASDAQ:CGC) Expands By 6.2%

Canopy Growth Co. (NASDAQ:CGC) was the target of a significant 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. Based on an average trading volume of 5,800,000 shares, the short-interest ratio is presently 1.7 days. Approximately 10.0% of the shares of the company are sold short.

Institutional Investors Weigh In On Canopy Growth

A number of institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC boosted its holdings in Canopy Growth by 36,747.5% in the 2nd quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock worth $761,000 after acquiring an additional 117,592 shares during the period. Stratos Wealth Advisors LLC acquired a new stake in Canopy Growth during the 3rd quarter valued at approximately $97,000. Financial Advocates Investment Management acquired a new stake in shares of Canopy Growth during the third quarter worth approximately $57,000. Mackenzie Financial Corp increased its stake in shares of Canopy Growth by 13.2% in the second quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock worth $214,000 after buying an additional 3,864 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in Canopy Growth in the second quarter valued at $91,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Trading Up 8.0 %

NASDAQ CGC traded up $0.22 during trading hours on Thursday, hitting $2.96. 2,282,246 shares of the company’s stock were exchanged, compared to its average volume of 7,400,490. The business’s 50 day moving average is $3.84 and its 200-day moving average is $5.13. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.07 and a current ratio of 1.39. Canopy Growth has a 12-month low of $2.65 and a 12-month high of $14.92. The firm has a market capitalization of $322.47 million, a P/E ratio of -0.60 and a beta of 0.83.

Analysts Set New Price Targets

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

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.