QCI Asset Management Inc. NY trimmed its holdings in shares of Canopy Growth Corp (NYSE:CGC) by 28.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 333,036 shares of the marijuana producer’s stock after selling 130,597 shares during the quarter. QCI Asset Management Inc. NY owned 0.14% of Canopy Growth worth $16,198,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. JW Asset Management LLC acquired a new position in shares of Canopy Growth in the 2nd quarter worth approximately $37,819,000. Morgan Stanley acquired a new position in shares of Canopy Growth in the 2nd quarter worth approximately $35,365,000. TD Asset Management Inc. lifted its position in shares of Canopy Growth by 13.7% in the 3rd quarter. TD Asset Management Inc. now owns 749,234 shares of the marijuana producer’s stock worth $36,372,000 after purchasing an additional 90,068 shares during the period. Indus Capital Partners LLC acquired a new position in shares of Canopy Growth in the 2nd quarter worth approximately $19,226,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Canopy Growth in the 2nd quarter worth approximately $15,726,000. 7.44% of the stock is currently owned by hedge funds and other institutional investors.
Canopy Growth stock opened at $39.14 on Friday. 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 Corp has a 12-month low of $12.60 and a 12-month high of $59.25. The firm has a market cap of $10.70 billion, a P/E ratio of -122.31 and a beta of 3.70.
Canopy Growth (NYSE:CGC) last released its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.19). Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 12.47%. The company had revenue of $20.09 million for the quarter, compared to analyst estimates of $21.04 million. On average, equities research analysts expect that Canopy Growth Corp will post -0.41 EPS for the current fiscal year.
CGC has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Tuesday, August 28th. Scotiabank initiated coverage on shares of Canopy Growth in a research report on Wednesday, October 17th. They issued a “hold” rating and a $61.00 price target on the stock. Benchmark initiated coverage on shares of Canopy Growth in a research report on Tuesday, September 25th. They issued a “buy” rating on the stock. Cann initiated coverage on shares of Canopy Growth in a research report on Friday, October 12th. They issued a “sell” rating and a $30.00 price target on the stock. They noted that the move was a valuation call. Finally, Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a research report on Thursday, August 16th. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $36.67.
Canopy Growth 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.
Further Reading: Rule of 72
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