Financial Advocates Investment Management Boosts Stake in Canopy Growth Corp (CGC)

Financial Advocates Investment Management grew its holdings in shares of Canopy Growth Corp (NYSE:CGC) by 53.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,387 shares of the marijuana producer’s stock after purchasing an additional 830 shares during the period. Financial Advocates Investment Management’s holdings in Canopy Growth were worth $112,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Canopy Growth by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock valued at $209,658,000 after purchasing an additional 180,130 shares in the last quarter. Vanguard Group Inc boosted its position in shares of Canopy Growth by 4.4% during the 3rd quarter. Vanguard Group Inc now owns 4,310,420 shares of the marijuana producer’s stock valued at $209,658,000 after purchasing an additional 180,130 shares in the last quarter. Morgan Stanley boosted its position in shares of Canopy Growth by 243.3% during the 3rd quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock valued at $201,598,000 after purchasing an additional 2,937,286 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Canopy Growth by 234.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,802,260 shares of the marijuana producer’s stock valued at $87,492,000 after purchasing an additional 1,263,825 shares in the last quarter. Finally, ETF Managers Group LLC bought a new position in shares of Canopy Growth during the 4th quarter valued at about $40,644,000. Institutional investors own 11.83% of the company’s stock.

Several research firms have recently weighed in on CGC. TheStreet upgraded shares of Canopy Growth from a “d+” rating to a “c” rating in a research report on Friday, March 1st. Jefferies Financial Group began coverage on shares of Canopy Growth in a research report on Monday, February 25th. They set a “hold” rating for the company. Seaport Global Securities began coverage on shares of Canopy Growth in a research report on Thursday, February 21st. They set a “neutral” rating and a $46.27 price objective for the company. GMP Securities lowered shares of Canopy Growth from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Finally, Piper Jaffray Companies set a $60.00 target price on shares of Canopy Growth and gave the stock a “buy” rating in a report on Friday, February 15th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Canopy Growth has an average rating of “Hold” and an average target price of $49.32.

Shares of CGC opened at $44.38 on Friday. Canopy Growth Corp has a one year low of $18.93 and a one year high of $59.25. The company has a debt-to-equity ratio of 0.10, a quick ratio of 17.12 and a current ratio of 17.85.

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Canopy Growth Profile

Canopy Growth Corp. engages in the production and sale of medical cannabis. The company offers products including oils and concentrates, soft gel capsules, and hemp. It focuses on the treatment of chronic pain, seizures, muscle spasms, nausea, and loss of appetite. The company was founded by Bruce Linton on August 5, 2009 and is headquartered in Smith Falls, Canada.

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

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