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

Canopy Growth Co. (NASDAQ:CGC) was the target of a large increase in short interest in 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 daily volume of 5,800,000 shares, the days-to-cover ratio is presently 1.7 days. Approximately 10.0% of the company’s stock are sold short.

Hedge Funds Weigh In On Canopy Growth

Institutional investors and hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp lifted its stake in Canopy Growth by 13.2% in the 2nd quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock valued at $214,000 after buying an additional 3,864 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in Canopy Growth by 19.9% during the second quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company’s stock worth $358,000 after acquiring an additional 9,226 shares during the last quarter. TD Asset Management Inc lifted its position in Canopy Growth by 16.1% in the second quarter. TD Asset Management Inc now owns 74,758 shares of the company’s stock valued at $483,000 after buying an additional 10,376 shares during the last quarter. Sassicaia Capital Advisers LLC purchased a new position in Canopy Growth during the 3rd quarter valued at about $54,000. Finally, PFG Investments LLC purchased a new stake in Canopy Growth during the third quarter worth about $54,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Canopy Growth Stock Performance

NASDAQ CGC traded up $0.22 on Thursday, hitting $2.96. 2,282,246 shares of the company’s stock traded hands, compared to its average volume of 7,400,490. Canopy Growth has a 1-year low of $2.65 and a 1-year high of $14.92. The company has a current ratio of 1.39, a quick ratio of 1.07 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $322.47 million, a PE ratio of -0.60 and a beta of 0.83. The firm’s 50-day moving average price is $3.84 and its two-hundred day moving average price is $5.13.

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.