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

Canopy Growth Co. (NASDAQ:CGC) was the target of some unusual options trading activity on Wednesday. Investors purchased 15,526 call options on the stock. This is an increase of approximately 42% compared to the average volume of 10,938 call options.

Institutional Trading of Canopy Growth

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

Canopy Growth Trading Up 18.8 %

CGC traded up $0.19 during trading on Wednesday, hitting $1.20. The company’s stock had a trading volume of 11,790,862 shares, 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 stock has a market cap of $190.34 million, a PE ratio of -0.32 and a beta of 0.92. The firm’s 50 day moving average price is $1.26 and its 200-day moving average price is $2.73. The company has a debt-to-equity ratio of 0.74, a current ratio of 3.52 and a quick ratio of 2.58.

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.