Oppenheimer & Co. Inc. bought a new stake in Canopy Growth Corp (NYSE:CGC) in the 3rd quarter, HoldingsChannel reports. The firm bought 40,282 shares of the marijuana producer’s stock, valued at approximately $1,959,000.
Several other institutional investors also recently modified their holdings of the company. JW Asset Management LLC acquired a new position in shares of Canopy Growth in the 2nd quarter valued at $37,819,000. Morgan Stanley acquired a new position in shares of Canopy Growth in the 2nd quarter valued at $35,365,000. TD Asset Management Inc. acquired a new position in shares of Canopy Growth in the 2nd quarter valued at $19,252,000. Indus Capital Partners LLC acquired a new position in shares of Canopy Growth in the 2nd quarter valued at $19,226,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Canopy Growth in the 2nd quarter valued at $15,726,000. Institutional investors and hedge funds own 7.37% of the company’s stock.
Several research analysts have recently issued reports on the stock. Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Cann initiated coverage on shares of Canopy Growth in a research note on Friday, October 12th. They set a “sell” rating and a $30.00 price target for the company. They noted that the move was a valuation call. Zacks Investment Research cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Benchmark initiated coverage on shares of Canopy Growth in a research note on Tuesday, September 25th. They set a “buy” rating for the company. Finally, Scotiabank initiated coverage on shares of Canopy Growth in a research note on Wednesday, October 17th. They set a “hold” rating and a $61.00 price target for the company. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $36.67.
Shares of NYSE:CGC opened at $37.03 on Friday. The firm has a market cap of $7.82 billion, a P/E ratio of -115.72 and a beta of 3.17. The company has a quick ratio of 5.53, a current ratio of 6.84 and a debt-to-equity ratio of 0.50. Canopy Growth Corp has a 1-year low of $12.40 and a 1-year high of $59.25.
Canopy Growth (NYSE:CGC) last issued its quarterly earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.19). The business had revenue of $20.09 million for the quarter, compared to analyst estimates of $21.04 million. Canopy Growth had a negative return on equity of 12.47% and a negative net margin of 159.94%. As a group, research analysts expect that Canopy Growth Corp will post -0.41 earnings per share for the current fiscal 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, Bedrocan Canada, CraftGrow, and Foria brand names.
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