Canopy Growth Co. (NASDAQ:CGC) Sees Significant Drop in Short Interest

Canopy Growth Co. (NASDAQ:CGC) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 8,220,000 shares, a decline of 10.9% from the October 15th total of 9,230,000 shares. Approximately 9.8% of the company’s stock are sold short. Based on an average daily trading volume, of 4,600,000 shares, the short-interest ratio is presently 1.8 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CGC. Baader Bank Aktiengesellschaft lifted its stake in Canopy Growth by 137.3% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 135,275 shares of the company’s stock valued at $873,000 after acquiring an additional 78,275 shares during the period. Headlands Technologies LLC boosted its holdings in Canopy Growth by 36,747.5% in the second quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock worth $761,000 after purchasing an additional 117,592 shares during the last quarter. Stratos Wealth Advisors LLC bought a new stake in Canopy Growth in the 3rd quarter worth approximately $97,000. B. Riley Wealth Advisors Inc. purchased a new stake in Canopy Growth during the 1st quarter valued at $475,000. Finally, Financial Advocates Investment Management bought a new position in shares of Canopy Growth during the 3rd quarter valued at $57,000. 3.33% of the stock is owned by institutional investors.

Canopy Growth Stock Up 1.6 %

Shares of NASDAQ:CGC traded up $0.06 during trading on Monday, reaching $3.79. 4,682,567 shares of the stock traded hands, compared to its average volume of 7,732,577. The stock has a market cap of $399.31 million, a P/E ratio of -0.76 and a beta of 0.87. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.64 and a current ratio of 1.39. The stock has a 50-day moving average of $4.56 and a two-hundred day moving average of $6.37. Canopy Growth has a 52-week low of $2.76 and a 52-week high of $14.92.

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.