Wealth Enhancement Advisory Services LLC Acquires 14,498 Shares of Canopy Growth Corporation $CGC

Wealth Enhancement Advisory Services LLC boosted its position in Canopy Growth Corporation (NASDAQ:CGC) by 81.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 32,336 shares of the company’s stock after purchasing an additional 14,498 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Canopy Growth were worth $41,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CGC. TD Asset Management Inc lifted its stake in shares of Canopy Growth by 47.3% in the first quarter. TD Asset Management Inc now owns 112,721 shares of the company’s stock valued at $104,000 after buying an additional 36,211 shares in the last quarter. Mackenzie Financial Corp grew its stake in Canopy Growth by 56.5% in the 1st quarter. Mackenzie Financial Corp now owns 50,413 shares of the company’s stock valued at $47,000 after purchasing an additional 18,202 shares during the period. Virtu Financial LLC purchased a new stake in Canopy Growth during the first quarter worth about $255,000. Goldman Sachs Group Inc. increased its stake in shares of Canopy Growth by 64.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 330,278 shares of the company’s stock worth $301,000 after purchasing an additional 129,620 shares during the last quarter. Finally, Marathon Trading Investment Management LLC purchased a new stake in Canopy Growth in the first quarter worth $276,000. Institutional investors own 3.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CGC. Zacks Research upgraded Canopy Growth to a “hold” rating in a research report on Tuesday, August 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canopy Growth in a report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Strong Sell”.

Insider Activity at Canopy Growth

In other Canopy Growth news, CEO Luc Mongeau bought 27,469 shares of the business’s stock in a transaction dated Monday, September 22nd. The shares were purchased at an average price of $1.82 per share, with a total value of $49,993.58. Following the completion of the purchase, the chief executive officer owned 812,368 shares in the company, valued at $1,478,509.76. This represents a 3.50% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Christelle Gedeon sold 16,929 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $1.74, for a total value of $29,456.46. Following the completion of the sale, the insider owned 368,488 shares in the company, valued at approximately $641,169.12. The trade was a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,300 shares of company stock valued at $84,373 in the last 90 days. Company insiders own 0.16% of the company’s stock.

Canopy Growth Stock Down 17.0%

CGC stock opened at $1.37 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.12 and a current ratio of 3.07. The company has a market cap of $328.59 million, a price-to-earnings ratio of -0.45 and a beta of 0.71. Canopy Growth Corporation has a fifty-two week low of $0.77 and a fifty-two week high of $5.80. The business’s 50-day moving average is $1.40 and its two-hundred day moving average is $1.32.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. Canopy Growth had a negative return on equity of 89.93% and a negative net margin of 155.76%.The company had revenue of $52.98 million for the quarter, compared to analysts’ expectations of $64.98 million. As a group, analysts forecast that Canopy Growth Corporation will post -2.81 earnings per share for the current year.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.