Stock Traders Purchase Large Volume of Call Options on Canopy Growth (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) saw some unusual options trading on Wednesday. Stock traders bought 15,526 call options on the stock. This is an increase of approximately 42% compared to the typical volume of 10,938 call options.

Institutional Trading of Canopy Growth

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CGC. Geode Capital Management LLC acquired a new stake in Canopy Growth in the third quarter worth $1,882,000. Apollon Wealth Management LLC purchased a new stake in Canopy Growth during the fourth quarter valued at about $38,000. SBI Securities Co. Ltd. bought a new stake in shares of Canopy Growth during the 4th quarter worth $587,000. Alberta Investment Management Corp bought a new stake in shares of Canopy Growth in the 4th quarter worth approximately $264,000. Finally, OLD Mission Capital LLC grew its position in Canopy Growth by 41.6% during the 4th quarter. OLD Mission Capital LLC now owns 51,066 shares of the company’s stock worth $140,000 after acquiring an additional 15,000 shares during the last quarter. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Price Performance

Canopy Growth stock traded down $0.01 during trading hours on Thursday, reaching $1.18. 9,817,106 shares of the stock were exchanged, compared to its average volume of 6,764,715. The company has a current ratio of 3.52, a quick ratio of 2.58 and a debt-to-equity ratio of 0.74. 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 $186.37 million, a P/E ratio of -0.31 and a beta of 0.92. The stock has a 50 day moving average of $1.24 and a two-hundred day moving average of $2.72.

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.