1,807,986 Shares in Canopy Growth Corporation $CGC Bought by Lazard Asset Management LLC

Lazard Asset Management LLC acquired a new position in Canopy Growth Corporation (NASDAQ:CGC) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,807,986 shares of the company’s stock, valued at approximately $1,716,000.

Other institutional investors have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd increased its position in shares of 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 purchasing an additional 4,037,281 shares during the last quarter. Virtu Financial LLC bought a new position in Canopy Growth during the fourth quarter valued at about $117,000. Mackenzie Financial Corp grew its position in Canopy Growth by 173.0% during the fourth quarter. Mackenzie Financial Corp now owns 305,578 shares of the company’s stock valued at $354,000 after buying an additional 193,633 shares during the period. Engineers Gate Manager LP purchased a new stake in Canopy Growth during the fourth quarter worth about $95,000. Finally, Barclays PLC increased its holdings in Canopy Growth by 5,436.5% during the fourth quarter. Barclays PLC now owns 897,078 shares of the company’s stock worth $1,023,000 after buying an additional 880,875 shares during the last quarter. Institutional investors own 3.33% of the company’s stock.

Insider Transactions at Canopy Growth

In other Canopy Growth news, CEO Luc Mongeau sold 135,231 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total value of $131,174.07. Following the completion of the transaction, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at $1,672,195.61. The trade was a 7.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christelle Gedeon sold 58,994 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $57,224.18. Following the completion of the transaction, the insider directly owned 705,506 shares in the company, valued at $684,340.82. The trade was a 7.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 224,958 shares of company stock worth $217,137 over the last 90 days. Corporate insiders own 0.16% of the company’s stock.

Canopy Growth Price Performance

Canopy Growth stock opened at $0.96 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.34 and a quick ratio of 2.64. The firm has a market capitalization of $429.45 million, a P/E ratio of -1.62 and a beta of 0.81. Canopy Growth Corporation has a one year low of $0.84 and a one year high of $2.38. The business has a fifty day moving average price of $0.97 and a 200-day moving average price of $1.05.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results 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). The company had revenue of $51.22 million for the quarter, compared to the consensus estimate of $53.43 million. Canopy Growth had a negative net margin of 75.27% and a negative return on equity of 26.95%. As a group, equities research analysts forecast that Canopy Growth Corporation will post -0.11 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Canopy Growth presently has an average 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.