Canopy Growth Corp (CGC) Shares Sold by First Republic Investment Management Inc.

First Republic Investment Management Inc. cut its holdings in shares of Canopy Growth Corp (NYSE:CGC) by 9.4% in the 1st quarter, Holdings Channel reports. The firm owned 14,250 shares of the marijuana producer’s stock after selling 1,483 shares during the quarter. First Republic Investment Management Inc.’s holdings in Canopy Growth were worth $617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in CGC. Stone House Investment Management LLC purchased a new stake in shares of Canopy Growth during the 1st quarter valued at $25,000. Ellis Investment Partners LLC bought a new position in shares of Canopy Growth during the 1st quarter worth $25,000. Cypress Capital Management LLC WY bought a new position in shares of Canopy Growth during the 4th quarter worth $27,000. Next Capital Management LLC bought a new position in shares of Canopy Growth during the 4th quarter worth $27,000. Finally, Private Capital Group LLC grew its stake in shares of Canopy Growth by 221.5% during the 1st quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock worth $28,000 after acquiring an additional 443 shares during the period. 8.05% of the stock is owned by hedge funds and other institutional investors.

CGC stock opened at $45.30 on Thursday. Canopy Growth Corp has a fifty-two week low of $24.21 and a fifty-two week high of $59.25. 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 firm has a market cap of $15.06 billion, a PE ratio of -141.56 and a beta of 4.17.

Canopy Growth (NYSE:CGC) last issued its earnings results on Thursday, February 14th. The marijuana producer reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.52). Canopy Growth had a negative return on equity of 14.39% and a negative net margin of 267.40%. The company had revenue of $62.85 million during the quarter, compared to the consensus estimate of $66.09 million. On average, equities analysts forecast that Canopy Growth Corp will post -1.08 EPS for the current year.

Several research firms have recently weighed in on CGC. Bank of America began coverage on Canopy Growth in a research note on Wednesday, April 17th. They set a “buy” rating for the company. GMP Securities upgraded Canopy Growth from a “hold” rating to a “buy” rating and increased their price target for the stock from $65.00 to $72.00 in a research note on Monday, April 22nd. Zacks Investment Research upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. TheStreet upgraded Canopy Growth from a “d+” rating to a “c” rating in a research note on Friday, March 1st. Finally, Piper Jaffray Companies set a $60.00 price target on Canopy Growth and gave the stock a “buy” rating in a research note on Friday, February 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $57.85.

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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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Institutional Ownership by Quarter for Canopy Growth (NYSE:CGC)

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