Valeo Financial Advisors LLC Lowers Stake in Canopy Growth Co. (NASDAQ:CGC)

Valeo Financial Advisors LLC lowered its stake in shares of Canopy Growth Co. (NASDAQ:CGC) by 90.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 11,905 shares of the company’s stock after selling 107,358 shares during the period. Valeo Financial Advisors LLC’s holdings in Canopy Growth were worth $61,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CGC. Tudor Investment Corp Et Al purchased a new position in Canopy Growth in the 3rd quarter valued at approximately $39,000. LPL Financial LLC boosted its position in Canopy Growth by 31.5% in the 3rd quarter. LPL Financial LLC now owns 484,993 shares of the company’s stock valued at $380,000 after buying an additional 116,219 shares during the period. Lord Abbett & CO. LLC purchased a new position in Canopy Growth in the 3rd quarter valued at approximately $18,140,000. Vanguard Personalized Indexing Management LLC boosted its position in Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after buying an additional 28,666 shares during the period. Finally, Sycomore Asset Management purchased a new position in Canopy Growth in the 3rd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Price Performance

Canopy Growth stock opened at $6.70 on Wednesday. The company has a fifty day simple moving average of $5.28 and a 200-day simple moving average of $5.43. Canopy Growth Co. has a 12-month low of $2.76 and a 12-month high of $19.20. The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($1.34). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The firm had revenue of $57.67 million for the quarter, compared to analysts’ expectations of $53.25 million. Research analysts expect that Canopy Growth Co. will post -6.14 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Sanford C. Bernstein raised their price target on shares of Canopy Growth to $5.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st. Piper Sandler decreased their price objective on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research report on Monday, February 12th.

Canopy Growth Company 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.