Cambridge Investment Research Advisors Inc. Acquires 44,999 Shares of Canopy Growth Corp (CGC)

Cambridge Investment Research Advisors Inc. grew its holdings in shares of Canopy Growth Corp (NYSE:CGC) by 52.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 130,165 shares of the marijuana producer’s stock after purchasing an additional 44,999 shares during the quarter. Cambridge Investment Research Advisors Inc. owned about 0.06% of Canopy Growth worth $6,331,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Toronto Dominion Bank bought a new position in shares of Canopy Growth during the 2nd quarter valued at $5,018,000. Morgan Stanley bought a new position in shares of Canopy Growth during the 2nd quarter valued at $35,365,000. Sheaff Brock Investment Advisors LLC bought a new position in shares of Canopy Growth during the 2nd quarter valued at $307,000. BKS Advisors LLC bought a new position in shares of Canopy Growth during the 3rd quarter valued at $253,000. Finally, Cornerstone Wealth Management LLC bought a new position in shares of Canopy Growth during the 2nd quarter valued at $350,000. Institutional investors and hedge funds own 7.44% of the company’s stock.

A number of research firms have recently weighed in on CGC. Scotiabank began coverage on shares of Canopy Growth in a report on Wednesday, October 17th. They set a “hold” rating and a $61.00 price target on the stock. Zacks Investment Research downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Cann started coverage on shares of Canopy Growth in a report on Friday, October 12th. They issued a “sell” rating and a $30.00 target price on the stock. They noted that the move was a valuation call. Benchmark started coverage on shares of Canopy Growth in a report on Tuesday, September 25th. They issued a “buy” rating on the stock. Finally, Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Canopy Growth has a consensus rating of “Hold” and a consensus target price of $36.67.

Shares of CGC opened at $39.14 on Friday. Canopy Growth Corp has a one year low of $12.60 and a one year high of $59.25. The company has a debt-to-equity ratio of 0.50, a quick ratio of 5.53 and a current ratio of 6.84.

Canopy Growth (NYSE:CGC) last announced its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.19). The firm had revenue of $20.09 million during the quarter, compared to the consensus estimate of $21.04 million. Canopy Growth had a negative return on equity of 12.47% and a negative net margin of 159.94%. On average, analysts predict that Canopy Growth Corp will post -0.41 earnings per share for the current year.

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Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.

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Institutional Ownership by Quarter for Canopy Growth (NYSE:CGC)

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