Flagship Harbor Advisors LLC increased its holdings in shares of Canopy Growth Corp (NYSE:CGC) by 102.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,111 shares of the marijuana producer’s stock after acquiring an additional 6,628 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Canopy Growth were worth $568,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Stone House Investment Management LLC acquired a new stake in shares of Canopy Growth in the first quarter valued at approximately $25,000. North Star Investment Management Corp. acquired a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $26,000. Cypress Capital Management LLC WY acquired a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $27,000. Next Capital Management LLC acquired a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $27,000. Finally, Gradient Investments LLC increased its stake in shares of Canopy Growth by 29.2% in the fourth quarter. Gradient Investments LLC now owns 1,063 shares of the marijuana producer’s stock valued at $29,000 after purchasing an additional 240 shares during the period. Hedge funds and other institutional investors own 8.53% of the company’s stock.
Canopy Growth stock opened at $41.68 on Wednesday. The company has a quick ratio of 17.12, a current ratio of 17.85 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $13.63 billion, a PE ratio of -130.25 and a beta of 4.22. Canopy Growth Corp has a 12-month low of $20.99 and a 12-month high of $59.25.
Canopy Growth (NYSE:CGC) last posted its quarterly earnings data on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.52). The company had revenue of $62.85 million during the quarter, compared to the consensus estimate of $66.09 million. Canopy Growth had a negative net margin of 267.40% and a negative return on equity of 14.39%. As a group, sell-side analysts anticipate that Canopy Growth Corp will post -1.32 EPS for the current fiscal year.
CGC has been the topic of several analyst reports. Piper Jaffray Companies set a $80.00 price target on shares of Canopy Growth and gave the company a “buy” rating in a research note on Friday, April 12th. TheStreet upgraded shares of Canopy Growth from a “d+” rating to a “c” rating in a report on Friday, March 1st. Seaport Global Securities reiterated a “hold” rating on shares of Canopy Growth in a report on Tuesday, April 2nd. GMP Securities cut shares of Canopy Growth from a “buy” rating to a “hold” rating in a report on Tuesday, February 19th. Finally, Jefferies Financial Group assumed coverage on shares of Canopy Growth in a report on Monday, February 25th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Canopy Growth presently has an average rating of “Hold” and a consensus target price of $54.32.
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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.
Further Reading: Momentum Investing
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