Stratos Wealth Partners LTD. Increases Position in Canopy Growth Corp (CGC)

Stratos Wealth Partners LTD. boosted its holdings in shares of Canopy Growth Corp (NYSE:CGC) by 23.2% in the 1st quarter, HoldingsChannel reports. The fund owned 39,871 shares of the marijuana producer’s stock after acquiring an additional 7,501 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Canopy Growth were worth $1,729,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Stone House Investment Management LLC purchased a new stake in Canopy Growth during the 1st quarter valued at about $25,000. Private Capital Group LLC grew its stake in Canopy Growth by 221.5% during the 1st quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after acquiring an additional 443 shares in the last quarter. Lee Financial Co grew its stake in Canopy Growth by 884.1% during the 1st quarter. Lee Financial Co now owns 679 shares of the marijuana producer’s stock valued at $29,000 after acquiring an additional 610 shares in the last quarter. Sterling Investment Advisors Ltd. grew its stake in Canopy Growth by 273.5% during the 1st quarter. Sterling Investment Advisors Ltd. now owns 747 shares of the marijuana producer’s stock valued at $32,000 after acquiring an additional 547 shares in the last quarter. Finally, Kistler Tiffany Companies LLC grew its stake in Canopy Growth by 155.7% during the 1st quarter. Kistler Tiffany Companies LLC now owns 767 shares of the marijuana producer’s stock valued at $33,000 after acquiring an additional 467 shares in the last quarter. 8.05% of the stock is owned by institutional investors.

Canopy Growth stock opened at $44.61 on Friday. Canopy Growth Corp has a 1-year low of $24.21 and a 1-year high of $59.25. The company has a debt-to-equity ratio of 0.10, a current ratio of 17.85 and a quick ratio of 17.12. The company has a market capitalization of $15.35 billion, a PE ratio of -139.41 and a beta of 4.17.

Canopy Growth (NYSE:CGC) last posted its quarterly earnings results on Thursday, February 14th. The marijuana producer reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.52). Canopy Growth had a negative net margin of 267.40% and a negative return on equity of 14.39%. The firm had revenue of $62.85 million during the quarter, compared to analysts’ expectations of $66.09 million. As a group, equities analysts forecast that Canopy Growth Corp will post -1.08 earnings per share for the current fiscal year.

Several brokerages recently issued reports on CGC. Zacks Investment Research raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Seaport Global Securities reissued a “hold” rating on shares of Canopy Growth in a research note on Tuesday, April 2nd. Piper Jaffray Companies set a $80.00 price target on shares of Canopy Growth and gave the company a “buy” rating in a research note on Friday, April 12th. Desjardins assumed coverage on shares of Canopy Growth in a research note on Thursday, April 25th. They issued a “buy” rating for the company. Finally, Alliance Global Partners assumed coverage on shares of Canopy Growth in a research note on Monday, May 13th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. Canopy Growth has an average rating of “Buy” and a consensus price target of $57.85.

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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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Institutional Ownership by Quarter for Canopy Growth (NYSE:CGC)

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