J.W. Cole Advisors Inc. lifted its stake in Canopy Growth Co. (NASDAQ:CGC – Get Rating) by 306.8% in the first quarter, HoldingsChannel reports. The firm owned 44,246 shares of the company’s stock after purchasing an additional 33,370 shares during the period. J.W. Cole Advisors Inc.’s holdings in Canopy Growth were worth $335,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Canopy Growth by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 7,878,052 shares of the company’s stock valued at $59,715,000 after purchasing an additional 273,778 shares during the period. ETF Managers Group LLC boosted its position in shares of Canopy Growth by 10.7% in the 4th quarter. ETF Managers Group LLC now owns 6,052,662 shares of the company’s stock valued at $54,111,000 after purchasing an additional 586,900 shares during the period. Contrarius Investment Management Ltd lifted its stake in Canopy Growth by 147.8% in the 1st quarter. Contrarius Investment Management Ltd now owns 2,081,014 shares of the company’s stock worth $15,774,000 after acquiring an additional 1,241,381 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in Canopy Growth by 26.1% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,709,206 shares of the company’s stock worth $14,921,000 after acquiring an additional 353,281 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Canopy Growth by 12.8% in the 1st quarter. Swiss National Bank now owns 1,049,200 shares of the company’s stock worth $7,948,000 after acquiring an additional 118,800 shares in the last quarter. Institutional investors and hedge funds own 10.02% of the company’s stock.
Canopy Growth Stock Down 4.6 %
Shares of CGC stock opened at $3.08 on Wednesday. The stock’s 50 day simple moving average is $3.20 and its 200 day simple moving average is $4.60. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.94 and a quick ratio of 3.43. Canopy Growth Co. has a twelve month low of $2.13 and a twelve month high of $15.96.
Analyst Ratings Changes
Several equities research analysts recently issued reports on the company. Oppenheimer reissued a “market perform” rating on shares of Canopy Growth in a research note on Wednesday, June 1st. Piper Sandler reduced their price objective on Canopy Growth from $3.00 to $2.50 and set an “underweight” rating for the company in a research note on Monday, August 8th. Barclays reduced their price objective on Canopy Growth from $6.00 to $3.50 and set an “underweight” rating for the company in a research note on Wednesday, June 8th. BMO Capital Markets downgraded Canopy Growth from a “market perform” rating to an “underperform” rating in a research note on Wednesday, June 8th. Finally, Alliance Global Partners reduced their price objective on Canopy Growth from C$8.00 to C$7.00 in a research note on Friday, May 27th. Ten investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $8.51.
Canopy Growth Profile
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.
- Get a free copy of the StockNews.com research report on Canopy Growth (CGC)
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