Wealth Enhancement Advisory Services LLC Raises Stake in Canopy Growth Corporation $CGC

Wealth Enhancement Advisory Services LLC raised its stake in Canopy Growth Corporation (NASDAQ:CGC) by 81.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,336 shares of the company’s stock after purchasing an additional 14,498 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Canopy Growth were worth $41,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mackenzie Financial Corp increased its holdings in Canopy Growth by 56.5% during the 1st quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock worth $47,000 after purchasing an additional 18,202 shares during the last quarter. TD Asset Management Inc grew its position in shares of Canopy Growth by 47.3% during the first quarter. TD Asset Management Inc now owns 112,721 shares of the company’s stock worth $104,000 after acquiring an additional 36,211 shares during the last quarter. Baader Bank Aktiengesellschaft grew its position in Canopy Growth by 98.6% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 153,856 shares of the company’s stock worth $140,000 after purchasing an additional 76,395 shares during the last quarter. Virtu Financial LLC acquired a new stake in Canopy Growth in the 1st quarter valued at approximately $255,000. Finally, Marathon Trading Investment Management LLC acquired a new position in shares of Canopy Growth during the first quarter valued at $276,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

Insider Transactions at Canopy Growth

In other Canopy Growth news, insider Christelle Gedeon sold 16,929 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $1.74, for a total value of $29,456.46. Following the completion of the sale, the insider owned 368,488 shares of the company’s stock, valued at approximately $641,169.12. This represents a 4.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Luc Mongeau acquired 27,469 shares of the stock in a transaction dated Monday, September 22nd. The shares were bought at an average cost of $1.82 per share, with a total value of $49,993.58. Following the transaction, the chief executive officer directly owned 812,368 shares of the company’s stock, valued at $1,478,509.76. This represents a 3.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 50,300 shares of company stock valued at $84,373. 0.16% of the stock is currently owned by company insiders.

Canopy Growth Stock Performance

NASDAQ:CGC opened at $1.37 on Monday. The company has a quick ratio of 2.12, a current ratio of 3.07 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $328.59 million, a PE ratio of -0.45 and a beta of 0.71. Canopy Growth Corporation has a 12-month low of $0.77 and a 12-month high of $5.80. The firm has a 50-day moving average price of $1.40 and a 200 day moving average price of $1.32.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. Canopy Growth had a negative net margin of 155.76% and a negative return on equity of 89.93%. The firm had revenue of $52.98 million during the quarter, compared to the consensus estimate of $64.98 million. Research analysts anticipate that Canopy Growth Corporation will post -2.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on CGC shares. Zacks Research raised Canopy Growth to a “hold” rating in a research note on Tuesday, August 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Canopy Growth has an average rating of “Strong Sell”.

Canopy Growth Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.