Leonteq Securities AG Reduces Stake in Canopy Growth Corporation $CGC

Leonteq Securities AG reduced its stake in shares of Canopy Growth Corporation (NASDAQ:CGC) by 97.9% during the 1st quarter, HoldingsChannel reports. The fund owned 75,089 shares of the company’s stock after selling 3,500,067 shares during the period. Leonteq Securities AG’s holdings in Canopy Growth were worth $71,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Canopy Growth by 19,571.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock worth $2,305,000 after purchasing an additional 2,011,917 shares during the period. Sullivan Wood Capital Management LLC raised its holdings in Canopy Growth by 212.5% during the 4th quarter. Sullivan Wood Capital Management LLC now owns 772,785 shares of the company’s stock valued at $881,000 after buying an additional 525,500 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Canopy Growth by 723.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after buying an additional 4,037,281 shares during the period. Boothbay Fund Management LLC bought a new stake in Canopy Growth in the second quarter worth $30,000. Finally, Bank of Montreal Can lifted its position in Canopy Growth by 122.7% in 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 last quarter. 3.33% of the stock is owned by institutional investors.

Canopy Growth Stock Down 1.0%

NASDAQ:CGC opened at $0.95 on Wednesday. Canopy Growth Corporation has a 1-year low of $0.84 and a 1-year high of $2.38. The company has a 50-day moving average of $1.03 and a 200 day moving average of $1.09. The firm has a market cap of $426.00 million, a PE ratio of -1.61 and a beta of 0.79. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.34 and a quick ratio of 2.64.

Canopy Growth (NASDAQ:CGC) last posted its earnings results on Monday, June 15th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $51.22 million for the quarter, compared to analysts’ expectations of $53.43 million. As a group, research analysts anticipate that Canopy Growth Corporation will post -0.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. ATB Cormark Capital Markets upgraded shares of Canopy Growth from a “strong sell” rating to a “moderate buy” rating in a research report on Tuesday, March 17th. Weiss Ratings upgraded shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 29th. Canaccord Genuity Group initiated coverage on shares of Canopy Growth in a research note on Friday, March 27th. They set a “buy” rating for the company. Finally, Wall Street Zen downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Sunday, March 29th. 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Hold”.

Insider Buying and Selling

In other news, insider Christelle Gedeon sold 58,994 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $57,224.18. Following the transaction, the insider directly owned 705,506 shares in the company, valued at approximately $684,340.82. This trade represents a 7.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Luc Mongeau sold 135,231 shares of Canopy Growth stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $131,174.07. Following the transaction, the chief executive officer directly owned 1,723,913 shares in the company, valued at approximately $1,672,195.61. The trade was a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 224,958 shares of company stock worth $217,137. Insiders own 0.16% of the company’s stock.

About Canopy Growth

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.