Baldwin Brothers Inc. MA trimmed its position in shares of Canopy Growth Corp (NYSE:CGC) by 44.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,240 shares of the marijuana producer’s stock after selling 1,000 shares during the period. Baldwin Brothers Inc. MA’s holdings in Canopy Growth were worth $28,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in CGC. Northeast Financial Consultants Inc acquired a new position in Canopy Growth during the first quarter worth $211,000. Hellman Jordan Management Co. Inc. MA purchased a new stake in shares of Canopy Growth during the first quarter worth $2,168,000. Belpointe Asset Management LLC increased its position in shares of Canopy Growth by 43.5% during the first quarter. Belpointe Asset Management LLC now owns 21,453 shares of the marijuana producer’s stock worth $931,000 after acquiring an additional 6,507 shares during the period. Meridian Wealth Management LLC purchased a new stake in shares of Canopy Growth during the first quarter worth $205,000. Finally, M Holdings Securities Inc. purchased a new stake in shares of Canopy Growth during the first quarter worth $988,000. Institutional investors own 9.27% of the company’s stock.
A number of analysts have recently weighed in on the company. Desjardins reaffirmed a “hold” rating on shares of Canopy Growth in a research report on Friday, August 16th. Seaport Global Securities raised Canopy Growth from a “neutral” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Monday, August 26th. Zacks Investment Research lowered Canopy Growth from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. Consumer Edge assumed coverage on Canopy Growth in a research report on Friday, June 28th. They set an “equal weight” rating on the stock. Finally, Jefferies Financial Group lowered Canopy Growth from a “hold” rating to an “underperform” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $50.94.
Canopy Growth (NYSE:CGC) last posted its earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.06. The firm had revenue of $67.65 million for the quarter, compared to analyst estimates of $85.97 million. Canopy Growth had a negative return on equity of 13.01% and a negative net margin of 647.47%. As a group, equities analysts anticipate that Canopy Growth Corp will post -2.09 EPS 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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