Oppenheimer & Co. Inc. boosted its position in shares of Canopy Growth Corp (NYSE:CGC) by 5.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,434 shares of the marijuana producer’s stock after acquiring an additional 3,239 shares during the period. Oppenheimer & Co. Inc.’s holdings in Canopy Growth were worth $2,534,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in Canopy Growth in the third quarter valued at approximately $246,000. Renaissance Technologies LLC acquired a new stake in Canopy Growth in the third quarter valued at approximately $5,536,000. AQR Capital Management LLC grew its holdings in Canopy Growth by 183.7% in the third quarter. AQR Capital Management LLC now owns 75,423 shares of the marijuana producer’s stock valued at $3,661,000 after purchasing an additional 48,835 shares during the period. Glenmede Trust Co. NA acquired a new stake in Canopy Growth in the third quarter valued at approximately $223,000. Finally, Morgan Stanley boosted its stake in shares of Canopy Growth by 243.3% in the third quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after acquiring an additional 2,937,286 shares during the last quarter. 8.32% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the company. Zacks Investment Research raised Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Seaport Global Securities reaffirmed a “hold” rating on shares of Canopy Growth in a research note on Tuesday, April 2nd. Desjardins assumed coverage on Canopy Growth in a research note on Thursday, April 25th. They issued a “buy” rating on the stock. Piper Jaffray Companies set a $80.00 price target on Canopy Growth and gave the stock a “buy” rating in a research note on Friday, April 12th. Finally, TheStreet raised Canopy Growth from a “d+” rating to a “c” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $57.85.
Shares of Canopy Growth stock opened at $49.08 on Friday. Canopy Growth Corp has a one year low of $22.77 and a one year high of $59.25. The company has a market cap of $16.89 billion, a P/E ratio of -153.38 and a beta of 4.17. The company has a current ratio of 17.85, a quick ratio of 17.12 and a debt-to-equity ratio of 0.10.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Thursday, February 14th. The marijuana producer reported ($0.67) EPS for the quarter, missing the Zacks’ 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 for the quarter, compared to analysts’ expectations of $66.09 million. On average, research analysts predict that Canopy Growth Corp will post -1.08 earnings per share for the current year.
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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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