Caitong International Asset Management Co. Ltd Grows Stock Position in Canopy Growth Corporation $CGC

Caitong International Asset Management Co. Ltd boosted its holdings in Canopy Growth Corporation (NASDAQ:CGC) by 723.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,595,330 shares of the company’s stock after buying an additional 4,037,281 shares during the period. Canopy Growth accounts for approximately 1.3% of Caitong International Asset Management Co. Ltd’s holdings, making the stock its 12th largest holding. Caitong International Asset Management Co. Ltd’s holdings in Canopy Growth were worth $5,239,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Boothbay Fund Management LLC purchased a new stake in shares of Canopy Growth during the 2nd quarter worth about $30,000. Bank of Montreal Can grew its stake in Canopy Growth by 122.7% during the fourth quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock worth $29,000 after buying an additional 135,970 shares during the period. Octavia Wealth Advisors LLC purchased a new stake in Canopy Growth during the fourth quarter worth approximately $30,000. PCG Wealth Advisors LLC acquired a new stake in shares of Canopy Growth in the fourth quarter worth $32,000. Finally, Insigneo Advisory Services LLC increased its position in shares of Canopy Growth by 168.7% in the third quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock worth $63,000 after acquiring an additional 27,000 shares in the last quarter. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Performance

Shares of CGC stock opened at $0.97 on Friday. The stock has a market capitalization of $390.86 million, a price-to-earnings ratio of -1.64 and a beta of 0.77. Canopy Growth Corporation has a one year low of $0.84 and a one year high of $2.38. The company’s 50-day simple moving average is $1.08 and its 200-day simple moving average is $1.13. The company has a debt-to-equity ratio of 0.31, a quick ratio of 4.26 and a current ratio of 3.34.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Monday, June 15th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.11). Canopy Growth had a negative net margin of 75.27% and a negative return on equity of 26.95%. The firm had revenue of $51.22 million during the quarter, compared to the consensus estimate of $53.43 million. Equities analysts anticipate that Canopy Growth Corporation will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CGC. Canaccord Genuity Group began coverage on shares of Canopy Growth in a report on Friday, March 27th. They set a “buy” rating on the stock. Wall Street Zen lowered Canopy Growth from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Weiss Ratings cut Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday. Finally, ATB Cormark Capital Markets raised Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

Canopy Growth Company Profile

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.