Exane Derivatives grew its position in shares of Canopy Growth Corp (NYSE:CGC) by 71.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,990 shares of the marijuana producer’s stock after purchasing an additional 28,376 shares during the quarter. Exane Derivatives’ holdings in Canopy Growth were worth $1,693,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in CGC. Nuveen Asset Management LLC acquired a new stake in shares of Canopy Growth during the second quarter valued at about $15,111,000. Macquarie Group Ltd. boosted its stake in shares of Canopy Growth by 536.7% during the second quarter. Macquarie Group Ltd. now owns 243,138 shares of the marijuana producer’s stock valued at $9,801,000 after purchasing an additional 204,951 shares in the last quarter. River & Mercantile Asset Management LLP acquired a new stake in shares of Canopy Growth during the second quarter valued at about $7,566,000. Vanguard Group Inc. boosted its stake in shares of Canopy Growth by 2.6% during the second quarter. Vanguard Group Inc. now owns 4,983,838 shares of the marijuana producer’s stock valued at $200,899,000 after purchasing an additional 125,275 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of Canopy Growth by 4.2% during the second quarter. Morgan Stanley now owns 2,043,350 shares of the marijuana producer’s stock valued at $82,368,000 after purchasing an additional 82,122 shares in the last quarter. 10.11% of the stock is currently owned by hedge funds and other institutional investors.
CGC traded up $0.29 during trading on Wednesday, hitting $24.44. The company’s stock had a trading volume of 4,029,671 shares, compared to its average volume of 8,781,814. Canopy Growth Corp has a twelve month low of $13.81 and a twelve month high of $52.74. The company has a quick ratio of 7.04, a current ratio of 8.38 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average price is $20.74 and its 200-day moving average price is $24.60. The firm has a market capitalization of $8.42 billion, a P/E ratio of -5.29 and a beta of 3.59.
Canopy Growth (NYSE:CGC) last issued its quarterly earnings results on Thursday, November 14th. The marijuana producer reported ($0.82) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by ($0.55). Canopy Growth had a negative net margin of 542.66% and a negative return on equity of 13.44%. The business had revenue of $58.03 million during the quarter, compared to analyst estimates of $77.10 million. Equities research analysts expect that Canopy Growth Corp will post -1.68 EPS for the current fiscal year.
A number of analysts have recently commented on CGC shares. Eight Capital lowered Canopy Growth to a “hold” rating and set a $25.00 price target on the stock. in a research note on Friday, November 29th. MKM Partners reaffirmed a “hold” rating and issued a $23.00 price objective on shares of Canopy Growth in a research note on Thursday, December 5th. Alliance Global Partners lowered Canopy Growth from a “buy” rating to a “neutral” rating in a research note on Friday, November 15th. Compass Point cut their price objective on Canopy Growth from $24.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Finally, TheStreet lowered Canopy Growth from a “c-” rating to a “d+” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $39.71.
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, CraftGrow, and Foria brand names.
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