On March 20, 2023 at 15:20:58 ET an unusually large $55.81K block of Put contracts in Canopy Growth (CGC) was sold, with a strike price of $2.00 / share, expiring in 214 days (on October 20, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.37 sigmas above the mean, placing it in the 95.84 percentile of all recent large trades made in CGC options.
This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.
Analyst Price Forecast Suggests 23.25% Upside
As of March 20, 2023, the average one-year price target for Canopy Growth is $2.46. The forecasts range from a low of $1.30 to a high of $6.95. The average price target represents an increase of 23.25% from its latest reported closing price of $2.00.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Canopy Growth is $478MM. The projected annual non-GAAP EPS is -$5.86.
What is the Fund Sentiment?
There are 399 funds or institutions reporting positions in Canopy Growth. This is an increase of 18 owner(s) or 4.72% in the last quarter. Average portfolio weight of all funds dedicated to CGC is 0.10%, a decrease of 24.52%. Total shares owned by institutions decreased in the last three months by 12.81% to 78,346K shares. The put/call ratio of CGC is 0.61, indicating a bullish outlook.
What are Large Shareholders Doing?
Etf Managers Group holds 10,964K shares representing 2.22% ownership of the company. In it’s prior filing, the firm reported owning 7,856K shares, representing an increase of 28.34%. The firm increased its portfolio allocation in CGC by 20.68% over the last quarter.
MJ – ETFMG Alternative Harvest ETF holds 8,615K shares representing 1.74% ownership of the company. In it’s prior filing, the firm reported owning 10,964K shares, representing a decrease of 27.26%. The firm decreased its portfolio allocation in CGC by 28.92% over the last quarter.
Millennium Management holds 8,557K shares representing 1.73% ownership of the company. In it’s prior filing, the firm reported owning 3,093K shares, representing an increase of 63.86%. The firm increased its portfolio allocation in CGC by 119.06% over the last quarter.
National Bank Of Canada holds 7,098K shares representing 1.43% ownership of the company. In it’s prior filing, the firm reported owning 82K shares, representing an increase of 98.85%. The firm increased its portfolio allocation in CGC by 3,435.07% over the last quarter.
VGTSX – Vanguard Total International Stock Index Fund Investor Shares holds 4,016K shares representing 0.81% ownership of the company. In it’s prior filing, the firm reported owning 3,249K shares, representing an increase of 19.08%. The firm increased its portfolio allocation in CGC by 93.53% over the last quarter.
Canopy Growth Background Information
(This description is provided by the company.)
Canopy Growth is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation,the Company offers product varieties in high quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Its global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany. Through its award-winning Tweed and Tokyo Smoke banners, the Company reach its adult-use consumers and hasbuilt a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada, the United States, and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional federally-permissible CBD products to the United States through its First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands.
This article originally appeared on Fintel
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