What's Going On With Canopy Growth Stock?

Canopy Growth Corporation CGC shares are trading lower Thursday. The company released its first-quarter financial results on Wednesday after the market close.

What To Know:

Canopy Growth reported quarterly losses of 5 cents per share, beating the analyst consensus estimate of a loss of 13 cents per share by 61.54%. The company reported first-quarter sales of $90.16 million, beating the analyst consensus estimate of $68.01 million by 32.56%.

"Our performance in the first quarter of Fiscal 2024 validates the difficult but transformative changes we made over the last twelve months. Canopy Growth's businesses demonstrated stability, consistency, and signs of positive momentum, while realizing a substantial reduction in expenses across the enterprise. Our asset-light approach is enabling the agile execution of business initiatives, allowing us to move faster and to be more responsive to consumers", said CEO David Klein.

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Shares of CGC are moving lower on heavy trading volume. According to data from Benzinga Pro, more than 12.25 million shares have been traded in the session, compared to the stock's 100-day average of 25.741 million shares.

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CGC Price Action: According to Benzinga Pro, Canopy Growth shares are trading nearly 10% lower at 42 cents at the time of publication.

Image: cannabispromoter from Pixabay