In May, the short interest was significantly lower. On May 15th there were 35,630,000 short shares, which is a decrease of 8.9% compared to the total of 39.090,000 shares on April 30th. At the moment, 11.0% are shorted. The days-to-cover is currently 5.6 based on a daily average volume of 6,370,000 share.
Canopy Price Performance
Trading at midday on Wednesday saw the stock drop $0.02 to $0.84. The stock changed hands 6,239 826 times, compared with its average volume (754 5,915). The fifty-day moving is $1.36, and the 200-day is $2.24. Canopy Growth's 12-month low is $0.80, and its 12-month high is $5.10. The market cap is $442.68 millions, the P/E ratio is -0.14 with a beta value of 2.09. Recent comments from several equity research analysts on CGC's shares. CIBC lowered their price target for Canopy Growth in a report published on Friday, 10th February from C$2.50 down to C$1.75 Piper Sandler reduced their Canopy Growth target price from $2.00 down to $1.00 on Tuesday, 2nd May. Alliance Global Partners lowered their Canopy Growth target price from C$4.50 down to C$3.50 on Thursday, February 9. Roth Capital reiterated its 'buy rating' on Canopy Growth shares in a report published on Monday, Feb. 13th. Cantor Fitzgerald lowered their price target on Canopy Growth to $3.20 from $3.30 in a Friday, February 17, report. They also set a "neutral" rating for the stock. Three analysts at equities firms have given the stock a "sell" rating. Six others have assigned a "hold" rating while two have assigned a "buy" rating. According to MarketBeat data, the stock's consensus rating is 'Hold' with a price target consensus of $3.70.
Institutional investors weigh in on canopy growth
A number of institutional investors recently changed their CGC holdings. Envestnet Asset Management Inc. increased its stake in Canopy Growth shares by 66.8% during the first quarter. Envestnet Asset Management Inc. owns 21,989 of the company’s stock worth $167,000, after buying an additional 8,809 during the last quarter. JPMorgan Chase & Co. increased its holdings of shares of Canopy Growth in the first quarter by 9.4%. JPMorgan Chase & Co. owns 822.433 shares worth $6.233,000, after purchasing an additional 70.929 shares. Bank of New York Mellon Corp increased its holdings of Canopy Growth shares by 1.1% during the first quarter. Bank of New York Mellon Corp owns 241,342 of the company stock, worth $1.829,000. This is after purchasing an additional 2,621 during the period. Oppenheimer & Co. Inc. increased its holdings of Canopy Growth shares by 53.5% during the first quarter. Oppenheimer & Co. Inc. owns 20,296 of the company stock, worth $154,000. This is after purchasing an additional 7,076 during the period. Citigroup Inc. increased its holdings of Canopy Growth shares by 20.7% during the first quarter. Citigroup Inc. owns 151.056 shares worth $1,146,000, after purchasing an additional 25,878 during the period. Institutional investors own 15.82%.
About Canopy Development
Canopy Growth Corp. is engaged in the production and sales of medical cannabis. The company operates in two segments: Global Cannabis, and Other Consumer Products. Global Cannabis is responsible for the production, distribution, and sale of cannabinoid and cannabis-based products both in Canada and abroad, according to international and domestic laws, regulations, and permits.
MarketBeat.com offers a FREE daily email newsletter