1832 Asset Management L.P. lowered its position in shares of Canopy Growth Corp (NYSE:CGC) by 12.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,910 shares of the marijuana producer’s stock after selling 4,475 shares during the quarter. 1832 Asset Management L.P.’s holdings in Canopy Growth were worth $886,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Gradient Investments LLC boosted its stake in Canopy Growth by 29.2% during the 4th quarter. Gradient Investments LLC now owns 1,063 shares of the marijuana producer’s stock worth $29,000 after acquiring an additional 240 shares during the last quarter. Focused Wealth Management Inc raised its holdings in shares of Canopy Growth by 16.3% in the fourth quarter. Focused Wealth Management Inc now owns 2,462 shares of the marijuana producer’s stock valued at $66,000 after purchasing an additional 345 shares during the last quarter. First Manhattan Co. raised its holdings in shares of Canopy Growth by 13.6% in the fourth quarter. First Manhattan Co. now owns 3,140 shares of the marijuana producer’s stock valued at $84,000 after purchasing an additional 375 shares during the last quarter. IPG Investment Advisors LLC raised its holdings in shares of Canopy Growth by 5.6% in the fourth quarter. IPG Investment Advisors LLC now owns 7,472 shares of the marijuana producer’s stock valued at $210,000 after purchasing an additional 395 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC raised its holdings in shares of Canopy Growth by 19.5% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 3,375 shares of the marijuana producer’s stock valued at $91,000 after purchasing an additional 550 shares during the last quarter. Hedge funds and other institutional investors own 8.53% of the company’s stock.
A number of equities analysts recently weighed in on CGC shares. Piper Jaffray Companies set a $60.00 target price on shares of Canopy Growth and gave the stock a “buy” rating in a report on Saturday, February 2nd. GMP Securities cut shares of Canopy Growth from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. CIBC initiated coverage on shares of Canopy Growth in a research report on Friday, January 18th. They set an “outperform” rating for the company. Seaport Global Securities initiated coverage on shares of Canopy Growth in a research report on Thursday, February 21st. They issued a “neutral” rating and a $46.27 target price for the company. Finally, Jefferies Financial Group initiated coverage on Canopy Growth in a research note on Monday, February 25th. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.32.
Canopy Growth (NYSE:CGC) last released its earnings results on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.52). The firm had revenue of $62.85 million for the quarter, compared to analyst estimates of $66.09 million. Canopy Growth had a negative net margin of 267.40% and a negative return on equity of 14.39%. Research analysts predict that Canopy Growth Corp will post -1.33 EPS for the current year.
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About Canopy Growth
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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