Wedbush Securities Inc. purchased a new stake in Canopy Growth Corp (NYSE:CGC) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 17,930 shares of the marijuana producer’s stock, valued at approximately $872,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Toronto Dominion Bank purchased a new stake in Canopy Growth in the 2nd quarter valued at about $5,018,000. Morgan Stanley acquired a new position in shares of Canopy Growth in the 2nd quarter valued at about $35,365,000. TD Asset Management Inc. lifted its stake 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 valued at $36,372,000 after purchasing an additional 90,068 shares in the last quarter. BKS Advisors LLC acquired a new position in shares of Canopy Growth in the 3rd quarter valued at about $253,000. Finally, Cornerstone Wealth Management LLC acquired a new position in shares of Canopy Growth in the 2nd quarter valued at about $350,000. Institutional investors own 11.97% of the company’s stock.
Several equities analysts have recently weighed in on CGC shares. Canaccord Genuity raised Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research lowered Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Benchmark started coverage on Canopy Growth in a research note on Tuesday, September 25th. They issued a “buy” rating on the stock. Cann started coverage on Canopy Growth in a research note on Friday, October 12th. They issued a “sell” rating and a $30.00 price objective on the stock. They noted that the move was a valuation call. Finally, Scotiabank started coverage on Canopy Growth in a research note on Wednesday, October 17th. They issued a “hold” rating and a $61.00 price objective on the stock. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $36.67.
NYSE CGC opened at $31.65 on Friday. The stock has a market capitalization of $7.30 billion, a PE ratio of -98.91 and a beta of 3.55. Canopy Growth Corp has a 1-year low of $14.12 and a 1-year high of $59.25.
Canopy Growth (NYSE:CGC) last released its quarterly earnings results on Wednesday, November 14th. The marijuana producer reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.64). The company had revenue of $23.30 million for the quarter, compared to analyst estimates of $59.10 million. Canopy Growth had a negative return on equity of 26.32% and a negative net margin of 503.14%. Canopy Growth’s revenue was up 32.4% on a year-over-year basis. Sell-side analysts anticipate that Canopy Growth Corp will post -0.88 earnings per share for the current fiscal year.
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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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