Caitong International Asset Management Co. Ltd Invests $815,000 in Canopy Growth Corporation $CGC

Caitong International Asset Management Co. Ltd acquired a new position in Canopy Growth Corporation (NASDAQ:CGC) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 558,049 shares of the company’s stock, valued at approximately $815,000. Canopy Growth comprises 0.6% of Caitong International Asset Management Co. Ltd’s investment portfolio, making the stock its 21st largest holding. Caitong International Asset Management Co. Ltd owned approximately 0.23% of Canopy Growth as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Midwest Trust Co purchased a new position in Canopy Growth in the 3rd quarter worth approximately $31,000. Boothbay Fund Management LLC purchased a new stake in shares of Canopy Growth during the 2nd quarter valued at $30,000. Genesee Capital Advisors LLC raised its position in shares of Canopy Growth by 166.1% during the 3rd quarter. Genesee Capital Advisors LLC now owns 40,047 shares of the company’s stock valued at $58,000 after buying an additional 25,000 shares in the last quarter. Insigneo Advisory Services LLC lifted its holdings in shares of Canopy Growth by 168.7% during the 3rd quarter. Insigneo Advisory Services LLC now owns 43,001 shares of the company’s stock worth $63,000 after acquiring an additional 27,000 shares during the last quarter. Finally, Sender Co & Partners Inc. bought a new stake in shares of Canopy Growth during the 3rd quarter worth $63,000. 3.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on CGC. Alliance Global Partners reissued a “neutral” rating on shares of Canopy Growth in a research note on Saturday, February 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, January 21st. Finally, Wall Street Zen lowered Canopy Growth from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Canopy Growth has a consensus rating of “Reduce”.

Canopy Growth Stock Performance

Canopy Growth stock opened at $1.07 on Wednesday. The firm has a fifty day simple moving average of $1.13 and a two-hundred day simple moving average of $1.25. The company has a quick ratio of 4.26, a current ratio of 5.34 and a debt-to-equity ratio of 0.30. Canopy Growth Corporation has a twelve month low of $0.77 and a twelve month high of $2.38. The company has a market capitalization of $432.41 million, a PE ratio of -0.82 and a beta of 0.57.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Friday, February 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The company had revenue of $90.39 million during the quarter, compared to analysts’ expectations of $70.96 million. Canopy Growth had a negative return on equity of 46.85% and a negative net margin of 94.39%. Research analysts expect that Canopy Growth Corporation will post -2.81 EPS for the current year.

Canopy Growth Profile

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.