Canopy Growth Co. (NASDAQ:CGC) Sees Large Decrease in Short Interest
30th total of 39,180,000 shares. Based on an average daily trading volume, of 8,741,213 shares, the short-interest ratio is presently 4.1 days. The number of shares shorted in Canopy Growth Co. declined in May.
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
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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.
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