Caitong International Asset Management Co. Ltd Increases Stock Holdings in Canopy Growth Corporation $CGC

Caitong International Asset Management Co. Ltd grew its stake in Canopy Growth Corporation (NASDAQ:CGC) by 723.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,595,330 shares of the company’s stock after purchasing an additional 4,037,281 shares during the period. Canopy Growth makes up approximately 1.3% of Caitong International Asset Management Co. Ltd’s portfolio, making the stock its 12th biggest holding. Caitong International Asset Management Co. Ltd owned about 1.14% of Canopy Growth worth $5,239,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Virtu Financial LLC purchased a new position in Canopy Growth in the 4th quarter valued at $117,000. Mackenzie Financial Corp raised its position in Canopy Growth by 173.0% during the 4th quarter. Mackenzie Financial Corp now owns 305,578 shares of the company’s stock worth $354,000 after buying an additional 193,633 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Canopy Growth in the 4th quarter worth $95,000. Barclays PLC lifted its stake in shares of Canopy Growth by 5,436.5% in the 4th quarter. Barclays PLC now owns 897,078 shares of the company’s stock worth $1,023,000 after acquiring an additional 880,875 shares during the period. Finally, Headlands Technologies LLC boosted its holdings in shares of Canopy Growth by 355.0% in the fourth quarter. Headlands Technologies LLC now owns 987,809 shares of the company’s stock valued at $1,126,000 after acquiring an additional 770,717 shares in the last quarter. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Canaccord Genuity Group started coverage on shares of Canopy Growth in a research note on Friday, March 27th. They set a “buy” rating on the stock. Weiss Ratings downgraded shares of Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday. ATB Cormark Capital Markets upgraded Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th. Finally, Wall Street Zen cut Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Canopy Growth presently has a consensus rating of “Hold”.

Canopy Growth Stock Performance

NASDAQ:CGC opened at $0.97 on Friday. Canopy Growth Corporation has a 52-week low of $0.84 and a 52-week high of $2.38. The company has a quick ratio of 4.26, a current ratio of 3.34 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $1.08 and a 200-day simple moving average of $1.13. The company has a market capitalization of $390.86 million, a PE ratio of -1.64 and a beta of 0.77.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data on Monday, June 15th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The business had revenue of $51.22 million during the quarter, compared to analyst estimates of $53.43 million. Canopy Growth had a negative net margin of 75.27% and a negative return on equity of 26.95%. On average, equities research analysts expect that Canopy Growth Corporation will post -0.11 earnings per share for the current fiscal year.

Canopy Growth Company Profile

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.