Investors Buy Shares of Canopy Growth (CGC) on Weakness

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Traders bought shares of Canopy Growth Corp (NYSE:CGC) on weakness during trading on Thursday. $212.24 million flowed into the stock on the tick-up and $189.88 million flowed out of the stock on the tick-down, for a money net flow of $22.36 million into the stock. Of all stocks tracked, Canopy Growth had the 30th highest net in-flow for the day. Canopy Growth traded down ($1.92) for the day and closed at $44.48

A number of analysts have issued reports on CGC shares. Zacks Investment Research lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday. ValuEngine upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. Finally, Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th.

The company has a debt-to-equity ratio of 0.01, a quick ratio of 9.10 and a current ratio of 12.80. The company has a market capitalization of $10.22 billion, a PE ratio of -141.34 and a beta of 1.87.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Wednesday, June 27th. The marijuana producer reported ($0.31) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.23). Canopy Growth had a negative return on equity of 14.86% and a negative net margin of 159.94%. The company had revenue of $22.80 million for the quarter, compared to analyst estimates of $24.19 million. Canopy Growth’s revenue was up 55.1% compared to the same quarter last year. analysts expect that Canopy Growth Corp will post -0.37 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. First Manhattan Co. acquired a new position in shares of Canopy Growth during the second quarter worth about $115,000. Flagship Harbor Advisors LLC acquired a new position in shares of Canopy Growth during the second quarter worth about $164,000. Thompson Davis & CO. Inc. acquired a new position in shares of Canopy Growth during the second quarter worth about $169,000. Global Financial Private Capital LLC acquired a new position in shares of Canopy Growth during the second quarter worth about $202,000. Finally, Traynor Capital Management Inc. acquired a new position in shares of Canopy Growth during the second quarter worth about $213,000. 7.37% of the stock is owned by institutional investors and hedge funds.

About Canopy Growth (NYSE:CGC)

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.

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