Aigen Investment Management LP cut its position in shares of Canopy Growth Co. (NASDAQ:CGC) by 36.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,996 shares of the company’s stock after selling 12,142 shares during the period. Aigen Investment Management LP’s holdings in Canopy Growth were worth $673,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Voloridge Investment Management LLC acquired a new stake in Canopy Growth in the 4th quarter valued at $21,249,000. CIBC World Markets Inc. boosted its stake in Canopy Growth by 144.9% in the 1st quarter. CIBC World Markets Inc. now owns 1,339,227 shares of the company’s stock valued at $42,895,000 after buying an additional 792,492 shares in the last quarter. AdvisorShares Investments LLC boosted its stake in Canopy Growth by 432.9% in the 1st quarter. AdvisorShares Investments LLC now owns 945,519 shares of the company’s stock valued at $30,285,000 after buying an additional 768,094 shares in the last quarter. ETF Managers Group LLC boosted its stake in Canopy Growth by 12.9% in the 4th quarter. ETF Managers Group LLC now owns 2,955,631 shares of the company’s stock valued at $72,827,000 after buying an additional 338,119 shares in the last quarter. Finally, Maple Rock Capital Partners Inc. acquired a new stake in Canopy Growth in the 4th quarter valued at $8,131,000. Institutional investors and hedge funds own 12.73% of the company’s stock.
A number of equities analysts have commented on the company. Zacks Investment Research lowered Canopy Growth from a “hold” rating to a “strong sell” rating in a research note on Monday, May 31st. Bank of America assumed coverage on Canopy Growth in a research note on Wednesday, April 28th. They issued a “buy” rating on the stock. Eight Capital raised Canopy Growth from a “sell” rating to a “neutral” rating in a research note on Wednesday, June 2nd. Jefferies Financial Group lowered Canopy Growth from a “hold” rating to an “underperform” rating in a research note on Wednesday, February 24th. Finally, Alliance Global Partners reissued a “neutral” rating and issued a $32.00 price objective (down previously from $40.00) on shares of Canopy Growth in a research note on Tuesday, June 1st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $31.41.
Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Monday, May 31st. The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.67). The company had revenue of $167.40 million during the quarter, compared to the consensus estimate of $149.97 million. Canopy Growth had a negative net margin of 311.30% and a negative return on equity of 18.67%. The company’s revenue for the quarter was up 45.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($3.72) EPS. On average, equities research analysts predict that Canopy Growth Co. will post -0.58 EPS for the current year.
About Canopy Growth
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.
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