Wedbush Securities Inc. raised its position in Canopy Growth Corp (NYSE:CGC) by 14.8% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 29,614 shares of the marijuana producer’s stock after buying an additional 3,824 shares during the quarter. Wedbush Securities Inc.’s holdings in Canopy Growth were worth $1,194,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in CGC. Norges Bank acquired a new position in shares of Canopy Growth during the 4th quarter worth $30,296,000. Thoroughbred Financial Services LLC grew its stake in shares of Canopy Growth by 4,147.9% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 481,583 shares of the marijuana producer’s stock worth $48,158,000 after purchasing an additional 470,246 shares during the period. Janus Henderson Group PLC grew its stake in shares of Canopy Growth by 358.4% during the 1st quarter. Janus Henderson Group PLC now owns 597,022 shares of the marijuana producer’s stock worth $25,841,000 after purchasing an additional 466,768 shares during the period. Toronto Dominion Bank grew its stake in shares of Canopy Growth by 128.4% during the 1st quarter. Toronto Dominion Bank now owns 385,193 shares of the marijuana producer’s stock worth $16,663,000 after purchasing an additional 216,559 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Canopy Growth during the 1st quarter worth $9,033,000. 8.16% of the stock is currently owned by institutional investors.
A number of research firms have recently weighed in on CGC. Compass Point began coverage on shares of Canopy Growth in a research note on Monday, June 10th. They set a “neutral” rating and a $43.76 price target on the stock. Alliance Global Partners began coverage on shares of Canopy Growth in a research note on Monday, May 13th. They set a “buy” rating on the stock. Stifel Nicolaus reaffirmed a “buy” rating on shares of Canopy Growth in a research note on Wednesday, July 3rd. Bryan, Garnier & Co cut shares of Canopy Growth from a “buy” rating to a “neutral” rating in a research note on Friday, July 5th. Finally, Piper Jaffray Companies lowered their price target on shares of Canopy Growth from $57.00 to $54.00 and set an “overweight” rating on the stock in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $54.86.
NYSE CGC traded down $0.97 during trading hours on Wednesday, reaching $31.90. The company’s stock had a trading volume of 2,040,381 shares, compared to its average volume of 6,539,766. The company has a market cap of $11.41 billion, a PE ratio of -20.06 and a beta of 3.63. Canopy Growth Corp has a fifty-two week low of $24.46 and a fifty-two week high of $59.25. The business’s 50-day moving average price is $35.98. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.49 and a current ratio of 12.32.
Canopy Growth (NYSE:CGC) last issued its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.50). The business had revenue of $70.74 million during the quarter, compared to analyst estimates of $71.06 million. Canopy Growth had a negative net margin of 304.03% and a negative return on equity of 15.82%. As a group, equities research analysts forecast that Canopy Growth Corp will post -0.9 earnings per share for the current year.
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, CraftGrow, and Foria brand names.
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