Hudock Capital Group LLC raised its position in Canopy Growth Corp (NYSE:CGC) by 59.9% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,388 shares of the marijuana producer’s stock after acquiring an additional 520 shares during the quarter. Hudock Capital Group LLC’s holdings in Canopy Growth were worth $56,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of CGC. Norges Bank acquired a new position in shares of Canopy Growth during the 4th quarter worth $30,296,000. Thoroughbred Financial Services LLC grew its stake in shares of Canopy Growth by 4,147.9% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 481,583 shares of the marijuana producer’s stock worth $48,158,000 after purchasing an additional 470,246 shares during the period. Janus Henderson Group PLC grew its stake in shares of Canopy Growth by 358.4% during the 1st quarter. Janus Henderson Group PLC now owns 597,022 shares of the marijuana producer’s stock worth $25,841,000 after purchasing an additional 466,768 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Canopy Growth by 4,386.9% during the 4th quarter. Bank of New York Mellon Corp now owns 226,500 shares of the marijuana producer’s stock worth $6,086,000 after purchasing an additional 221,452 shares during the period. Finally, Toronto Dominion Bank grew its stake in shares of Canopy Growth by 128.4% during the 1st quarter. Toronto Dominion Bank now owns 385,193 shares of the marijuana producer’s stock worth $16,663,000 after purchasing an additional 216,559 shares during the period. 8.16% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently weighed in on the stock. Desjardins reaffirmed a “hold” rating on shares of Canopy Growth in a research note on Thursday, July 4th. Stifel Nicolaus reissued a “buy” rating on shares of Canopy Growth in a research note on Wednesday, July 3rd. Bryan, Garnier & Co cut shares of Canopy Growth from a “buy” rating to a “neutral” rating in a research note on Friday, July 5th. Zacks Investment Research cut shares of Canopy Growth from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. Finally, GMP Securities raised shares of Canopy Growth from a “hold” rating to a “buy” rating and increased their price objective for the company from $65.00 to $72.00 in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $54.86.
Shares of NYSE CGC opened at $32.90 on Friday. Canopy Growth Corp has a 52 week low of $24.46 and a 52 week high of $59.25. The company has a 50-day simple moving average of $36.54. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.49 and a current ratio of 12.32.
Canopy Growth (NYSE:CGC) last issued its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.50). The business had revenue of $70.74 million during the quarter, compared to analyst estimates of $71.06 million. Canopy Growth had a negative net margin of 304.03% and a negative return on equity of 15.82%. As a group, equities research analysts expect that Canopy Growth Corp will post -0.9 earnings per share for the current year.
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, CraftGrow, and Foria brand names.
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