Man Group plc decreased its holdings in Canopy Growth Corp (NYSE:CGC) by 63.1% during the third quarter, Holdings Channel reports. The institutional investor owned 13,127 shares of the marijuana producer’s stock after selling 22,418 shares during the quarter. Man Group plc’s holdings in Canopy Growth were worth $639,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Fifth Third Bancorp increased its position in Canopy Growth by 349.1% in the third quarter. Fifth Third Bancorp now owns 2,470 shares of the marijuana producer’s stock worth $120,000 after purchasing an additional 1,920 shares during the last quarter. Winslow Evans & Crocker Inc. lifted its stake in Canopy Growth by 83.5% in the third quarter. Winslow Evans & Crocker Inc. now owns 4,536 shares of the marijuana producer’s stock worth $222,000 after acquiring an additional 2,064 shares during the period. Kiley Juergens Wealth Management LLC lifted its stake in Canopy Growth by 867.2% in the third quarter. Kiley Juergens Wealth Management LLC now owns 2,418 shares of the marijuana producer’s stock worth $117,000 after acquiring an additional 2,168 shares during the period. Exane Derivatives purchased a new stake in Canopy Growth in the third quarter worth about $117,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Canopy Growth during the third quarter valued at about $138,000. 11.97% of the stock is currently owned by institutional investors.
CGC opened at $43.52 on Friday. Canopy Growth Corp has a 52 week low of $16.74 and a 52 week high of $59.25.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.64). Canopy Growth had a negative return on equity of 26.32% and a negative net margin of 503.14%. The business had revenue of $23.30 million for the quarter, compared to analyst estimates of $59.10 million. The firm’s revenue was up 32.4% compared to the same quarter last year. On average, equities analysts anticipate that Canopy Growth Corp will post -1.13 earnings per share for the current year.
Several research firms have recently issued reports on CGC. Scotiabank initiated coverage on shares of Canopy Growth in a report on Wednesday, October 17th. They set a “hold” rating and a $61.00 price objective on the stock. Benchmark initiated coverage on Canopy Growth in a research report on Tuesday, September 25th. They set a “buy” rating on the stock. Zacks Investment Research lowered Canopy Growth from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. assumed coverage on Canopy Growth in a report 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, CIBC assumed coverage on Canopy Growth in a research note on Friday. They issued an “outperform” rating for the company. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $43.67.
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Canopy Growth Company 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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