AllSquare Wealth Management LLC boosted its holdings in Canopy Growth Corp (NYSE:CGC) by 82.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,225 shares of the marijuana producer’s stock after acquiring an additional 3,725 shares during the period. AllSquare Wealth Management LLC’s holdings in Canopy Growth were worth $189,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Coastal Capital Group Inc. acquired a new stake in Canopy Growth in the 2nd quarter valued at about $26,000. Manchester Financial Inc. acquired a new stake in Canopy Growth in the 2nd quarter valued at about $35,000. Westside Investment Management Inc. acquired a new stake in Canopy Growth in the 2nd quarter valued at about $28,518,000. Huntington National Bank grew its stake in Canopy Growth by 199.7% in the 2nd quarter. Huntington National Bank now owns 899 shares of the marijuana producer’s stock valued at $36,000 after acquiring an additional 599 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC acquired a new stake in Canopy Growth in the 2nd quarter valued at about $39,000. 9.09% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on CGC shares. Zacks Investment Research raised shares of Canopy Growth from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Thursday, October 31st. LADENBURG THALM/SH SH assumed coverage on shares of Canopy Growth in a research note on Wednesday, July 17th. They set a “buy” rating and a $50.00 price target on the stock. Benchmark decreased their price target on shares of Canopy Growth from $100.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Piper Jaffray Companies decreased their price target on shares of Canopy Growth from $40.00 to $36.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Canopy Growth in a research note on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $47.21.
Canopy Growth stock opened at $19.25 on Wednesday. Canopy Growth Corp has a 12-month low of $17.89 and a 12-month high of $52.74. The stock has a market capitalization of $6.71 billion, a P/E ratio of -12.11 and a beta of 3.71. The firm’s 50-day moving average is $21.40 and its two-hundred day moving average is $33.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 10.37 and a quick ratio of 9.03.
Canopy Growth (NYSE:CGC) last released its quarterly earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.06. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. The company had revenue of $67.65 million for the quarter, compared to analysts’ expectations of $85.97 million. As a group, analysts forecast that Canopy Growth Corp will post -1.04 EPS for the current year.
Canopy Growth Company Profile
Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.
Featured Story: How much can an individual set aside as a catch-up contribution?
Want to see what other hedge funds are holding CGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canopy Growth Corp (NYSE:CGC).
Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.