Valeo Financial Advisors LLC raised its position in Canopy Growth Corp (NYSE:CGC) by 118.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,217 shares of the marijuana producer’s stock after purchasing an additional 1,745 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Canopy Growth were worth $140,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in Canopy Growth by 3,902.3% in the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 344,200 shares of the marijuana producer’s stock valued at $21,599,000 after purchasing an additional 335,600 shares during the period. Morgan Stanley grew its stake in shares of Canopy Growth by 243.3% in the third quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after acquiring an additional 2,937,286 shares in the last quarter. HRT Financial LLC acquired a new position in shares of Canopy Growth in the third quarter worth $1,119,000. Vanguard Group Inc. grew its stake in shares of Canopy Growth by 4.4% in the third quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock worth $209,658,000 after acquiring an additional 180,130 shares in the last quarter. Finally, Focused Wealth Management Inc grew its stake in shares of Canopy Growth by 16.3% in the fourth quarter. Focused Wealth Management Inc now owns 2,462 shares of the marijuana producer’s stock worth $66,000 after acquiring an additional 345 shares in the last quarter. 8.53% of the stock is currently owned by institutional investors.
Shares of CGC stock opened at $42.29 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 17.85 and a quick ratio of 17.12. The firm has a market cap of $13.41 billion, a P/E ratio of -132.16 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 issued its earnings results on Thursday, February 14th. The marijuana producer reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.52). The firm had revenue of $62.85 million for the quarter, compared to analyst estimates of $66.09 million. Canopy Growth had a negative return on equity of 14.39% and a negative net margin of 267.40%. On average, sell-side analysts anticipate that Canopy Growth Corp will post -1.33 earnings per share for the current year.
Several equities analysts have commented on the stock. Piper Jaffray Companies assumed coverage on shares of Canopy Growth in a research note on Wednesday, January 9th. They issued an “overweight” rating and a $40.00 price target for the company. Zacks Investment Research downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, April 9th. TheStreet upgraded shares of Canopy Growth from a “d+” rating to a “c” rating in a research note on Friday, March 1st. Seaport Global Securities restated a “hold” rating on shares of Canopy Growth in a research note on Tuesday, April 2nd. Finally, Jefferies Financial Group assumed coverage on shares of Canopy Growth in a research note on Monday, February 25th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. The stock 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.
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