Cibc World Market Inc. Buys 11,055 Shares of Canopy Growth Co. (NASDAQ:CGC)

Cibc World Market Inc. boosted its stake in shares of Canopy Growth Co. (NASDAQ:CGCGet Rating) by 7.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 152,801 shares of the company’s stock after purchasing an additional 11,055 shares during the quarter. Cibc World Market Inc.’s holdings in Canopy Growth were worth $434,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Canopy Growth by 3.6% in the first 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 in the last quarter. Contrarius Investment Management Ltd raised its stake in Canopy Growth by 147.8% during the first 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. Swiss National Bank raised its stake in Canopy Growth by 12.8% during the first 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. Mirae Asset Global Investments Co. Ltd. raised its stake in Canopy Growth by 0.6% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 859,141 shares of the company’s stock worth $2,438,000 after acquiring an additional 5,289 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Canopy Growth by 9.4% during the first quarter. JPMorgan Chase & Co. now owns 822,433 shares of the company’s stock worth $6,233,000 after acquiring an additional 70,929 shares in the last quarter. 10.02% of the stock is owned by institutional investors.

Canopy Growth Price Performance

Shares of CGC opened at $3.48 on Wednesday. The company has a current ratio of 2.84, a quick ratio of 2.45 and a debt-to-equity ratio of 0.63. Canopy Growth Co. has a 1 year low of $2.13 and a 1 year high of $12.09. The stock has a market cap of $1.67 billion, a P/E ratio of -0.60 and a beta of 1.95. The stock’s 50-day moving average price is $3.12 and its two-hundred day moving average price is $3.49.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CGC. Sanford C. Bernstein began coverage on Canopy Growth in a research note on Tuesday, November 1st. They set an “underperform” rating and a $1.50 price objective for the company. Canaccord Genuity Group raised their target price on Canopy Growth from C$4.25 to C$5.00 and gave the company a “hold” rating in a research note on Monday, November 7th. Piper Sandler lowered their target price 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. Canaccord Genuity Group upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Wednesday, October 26th. Finally, Alliance Global Partners raised their target price on Canopy Growth from C$3.50 to C$4.00 in a research note on Tuesday, October 25th. Eight equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Canopy Growth currently has a consensus rating of “Hold” and a consensus target price of $6.29.

Canopy Growth Company Profile

(Get Rating)

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.

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

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