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Home Canada

Option Traders Are Bearish on Shares of Canopy Growth Corp.

Steven Lachard by Steven Lachard
August 14, 2018
in Canada, Marijuana Stocks, Trading
TILT Holdings Announces Forfeiture of 60 Million Stock Options from Founders

Stock Options by Nick Youngson CC BY-SA 3.0 Alpha Stock Images

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After a detailed look at certain options trading volume data for Canopy Growth Corp. (TSX:WEED) (NYSE:CGC) we can see that the sentiment has shifted from bullish to bearish.

How to Use Options Data to Interpret Market Sentiment

Investors can use option trading data to interpret the way that option traders feel about the future trajectory of a given company. The purchase of at-the-money and out-of-the-money call options is considered to be a bullish signal where as the purchase of at-the-money and in-the-money put options is considered to be a bearish signal.

For the most part, we try to ignore more complex option trades from these overviews, as they might be part of a larger trade (or a hedge) that don’t particularly indicate any directional opinion.

Front-Month Option Chain for Canopy Growth Corp.

Canopy Option Chain

Possible Catalysts for the Bearish Sentiment

Earlier today, the company announced that it had issued $2,500,000 CAD in common shares of Canopy Growth for a reason that is too vague to decode. The company is also expected to report Q1 earnings for fiscal 2019 before the management team hosts a conference call on August 15th to discuss the results.

Conclusion

As we wait for Canopy’s earnings and conference call to follow, be sure to subscribe to Canopy Growth Updates here and Marijuana Stock Updates here.

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Tags: Canopy Growth Corp.licensed producerNYSE:CGCoptionsTSX:WEED

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Steven Lachard

Steven Lachard

Steven Lachard is a staff writer for MJobserver.com with a particular focus on marijuana stocks. Beyond MJobserver.com, Steven's pot stock insights have been featured on TalkMarkets.com and more.

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