Canopy Growth Target of Unusually Large Options Trading (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) saw unusually large options trading activity on Wednesday. Stock traders purchased 15,526 call options on the stock. This is an increase of approximately 42% compared to the average daily volume of 10,938 call options.

Canopy Growth Stock Up 18.8 %

Shares of NASDAQ:CGC traded up $0.19 during midday trading on Wednesday, hitting $1.20. 11,790,862 shares of the company’s stock traded hands, compared to its average volume of 6,736,109. Canopy Growth has a twelve month low of $0.77 and a twelve month high of $14.92. The company has a market cap of $190.34 million, a PE ratio of -0.32 and a beta of 0.92. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.58 and a current ratio of 3.52. The firm’s fifty day moving average price is $1.26 and its two-hundred day moving average price is $2.73.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CGC. Geode Capital Management LLC acquired a new position in Canopy Growth during the 3rd quarter worth approximately $1,882,000. Tidal Investments LLC raised its stake in shares of Canopy Growth by 12.5% during the fourth quarter. Tidal Investments LLC now owns 2,263,873 shares of the company’s stock valued at $6,203,000 after purchasing an additional 251,659 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Canopy Growth during the fourth quarter worth $587,000. Wealthfront Advisers LLC purchased a new position in shares of Canopy Growth in the fourth quarter valued at $381,000. Finally, Alberta Investment Management Corp purchased a new stake in Canopy Growth during the 4th quarter worth $264,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

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.