Capital Investment Advisors LLC purchased a new position in Canopy Growth Corp (NYSE:CGC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,443 shares of the marijuana producer’s stock, valued at approximately $216,000.
Several other large investors also recently modified their holdings of CGC. JW Asset Management LLC purchased a new position in shares of Canopy Growth in the 2nd quarter worth about $37,819,000. Morgan Stanley bought a new stake in Canopy Growth in the 2nd quarter valued at about $35,365,000. TD Asset Management Inc. bought a new stake in Canopy Growth in the 2nd quarter valued at about $19,252,000. Indus Capital Partners LLC bought a new stake in Canopy Growth in the 2nd quarter valued at about $19,226,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Canopy Growth in the 2nd quarter valued at about $15,726,000. 7.12% of the stock is currently owned by institutional investors.
A number of equities research analysts recently issued reports on CGC shares. Canaccord Genuity upgraded Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research cut Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Benchmark started coverage on Canopy Growth in a research note on Tuesday, September 25th. They issued a “buy” rating on the stock. Cann started coverage on Canopy Growth in a research note on Friday, October 12th. They issued a “sell” rating and a $30.00 price objective on the stock. They noted that the move was a valuation call. Finally, Scotiabank started coverage on Canopy Growth in a research note on Wednesday. They issued a “hold” rating and a $61.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Canopy Growth currently has a consensus rating of “Hold” and a consensus price target of $36.67.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.19). Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 14.86%. The firm had revenue of $20.09 million during the quarter, compared to the consensus estimate of $21.04 million. On average, equities analysts anticipate that Canopy Growth Corp will post -0.37 earnings per share for the current fiscal year.
Canopy Growth Company 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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