Ingalls & Snyder LLC Has $1.05 Million Stock Position in Canopy Growth Corp (NYSE:CGC)

Ingalls & Snyder LLC reduced its stake in shares of Canopy Growth Corp (NYSE:CGC) by 5.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 49,890 shares of the marijuana producer’s stock after selling 3,150 shares during the quarter. Ingalls & Snyder LLC’s holdings in Canopy Growth were worth $1,052,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its stake in Canopy Growth by 3.7% in the third quarter. Janney Montgomery Scott LLC now owns 40,698 shares of the marijuana producer’s stock valued at $933,000 after buying an additional 1,437 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Canopy Growth by 7.8% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 213,573 shares of the marijuana producer’s stock valued at $8,609,000 after buying an additional 15,461 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Canopy Growth by 23.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 192,644 shares of the marijuana producer’s stock valued at $7,794,000 after buying an additional 36,414 shares in the last quarter. First Manhattan Co. boosted its stake in Canopy Growth by 128.3% in the second quarter. First Manhattan Co. now owns 6,940 shares of the marijuana producer’s stock valued at $279,000 after buying an additional 3,900 shares in the last quarter. Finally, Golden State Wealth Management LLC boosted its stake in Canopy Growth by 128.2% in the third quarter. Golden State Wealth Management LLC now owns 7,028 shares of the marijuana producer’s stock valued at $161,000 after buying an additional 3,948 shares in the last quarter. 10.09% of the stock is currently owned by institutional investors.

Canopy Growth stock opened at $24.90 on Thursday. The company has a current ratio of 8.38, a quick ratio of 7.04 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $8.68 billion, a PE ratio of -15.66 and a beta of 3.59. Canopy Growth Corp has a 12 month low of $13.81 and a 12 month high of $52.74. The stock has a 50-day moving average price of $20.00 and a two-hundred day moving average price of $25.07.

Canopy Growth (NYSE:CGC) last posted its earnings results on Thursday, November 14th. The marijuana producer reported ($0.82) EPS for the quarter, missing the 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 firm had revenue of $58.03 million during the quarter, compared to the consensus estimate of $77.10 million. As a group, analysts predict that Canopy Growth Corp will post -1.68 earnings per share for the current fiscal year.

Several research firms recently weighed in on CGC. Eight Capital lowered Canopy Growth to a “hold” rating and set a $25.00 price objective on the stock. in a research note on Friday, November 29th. TheStreet lowered Canopy Growth from a “c-” rating to a “d+” rating in a research note on Wednesday, October 9th. Piper Jaffray Companies reduced their price objective on Canopy Growth from $40.00 to $36.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Jefferies Financial Group lowered Canopy Growth from a “hold” rating to an “underperform” rating and set a $25.00 price objective on the stock. in a research note on Friday, October 11th. Finally, Zacks Investment Research raised Canopy Growth from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $39.71.

About Canopy Growth

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.

Further Reading: Buy-Side Analysts

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

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