Parallel Advisors LLC trimmed its stake in Canopy Growth Corp (NYSE:CGC) by 27.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,082 shares of the marijuana producer’s stock after selling 799 shares during the period. Parallel Advisors LLC’s holdings in Canopy Growth were worth $55,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Morgan Stanley grew its position in shares of Canopy Growth by 243.3% during the 3rd quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after buying an additional 2,937,286 shares during the period. ETF Managers Group LLC bought a new stake in shares of Canopy Growth in the fourth quarter worth $40,644,000. Macquarie Group Ltd. bought a new stake in shares of Canopy Growth in the third quarter worth $66,202,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Canopy Growth by 234.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,802,260 shares of the marijuana producer’s stock worth $87,492,000 after purchasing an additional 1,263,825 shares in the last quarter. Finally, Artemis Investment Management LLP bought a new stake in shares of Canopy Growth in the third quarter worth $20,127,000. Institutional investors own 11.84% of the company’s stock.
CGC has been the topic of several analyst reports. Piper Jaffray Companies set a $60.00 price target on shares of Canopy Growth and gave the stock a “buy” rating in a research report on Friday, February 15th. CIBC began coverage on shares of Canopy Growth in a research report on Friday, January 18th. They issued an “outperform” rating on the stock. TheStreet raised shares of Canopy Growth from a “d+” rating to a “c” rating in a research report on Friday, March 1st. GMP Securities lowered shares of Canopy Growth from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Finally, Seaport Global Securities started coverage on shares of Canopy Growth in a research report on Thursday, February 21st. They issued a “neutral” rating and a $46.27 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Canopy Growth has an average rating of “Hold” and a consensus target price of $49.32.Canopy Growth stock traded down $0.56 during mid-day trading on Thursday, hitting $45.52. 4,825,982 shares of the stock were exchanged, compared to its average volume of 10,287,836. Canopy Growth Corp has a 12 month low of $18.93 and a 12 month high of $59.25. The company has a debt-to-equity ratio of 0.10, a quick ratio of 17.12 and a current ratio of 17.85. The firm has a market cap of $10.51 billion, a price-to-earnings ratio of -142.25 and a beta of 4.29.
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Canopy Growth Profile
Canopy Growth Corp. engages in the production and sale of medical cannabis. The company offers products including oils and concentrates, soft gel capsules, and hemp. It focuses on the treatment of chronic pain, seizures, muscle spasms, nausea, and loss of appetite. The company was founded by Bruce Linton on August 5, 2009 and is headquartered in Smith Falls, Canada.
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