Castle Rock Wealth Management LLC Invests $251,000 in Canopy Growth Corp (CGC)
Castle Rock Wealth Management LLC acquired a new stake in Canopy Growth Corp (NYSE:CGC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,163 shares of the marijuana producer’s stock, valued at approximately $251,000.
Other institutional investors also recently bought and sold shares of the company. Russell Investments Group Ltd. grew its holdings in Canopy Growth by 57.3% during the third quarter. Russell Investments Group Ltd. now owns 13,676 shares of the marijuana producer’s stock valued at $657,000 after purchasing an additional 4,982 shares during the period. US Bancorp DE acquired a new stake in shares of Canopy Growth in the third quarter valued at $170,000. Janney Montgomery Scott LLC acquired a new stake in shares of Canopy Growth in the third quarter valued at $489,000. MML Investors Services LLC acquired a new stake in shares of Canopy Growth in the third quarter valued at $559,000. Finally, Swiss National Bank raised its stake in shares of Canopy Growth by 2.9% in the third quarter. Swiss National Bank now owns 303,200 shares of the marijuana producer’s stock valued at $14,675,000 after acquiring an additional 8,600 shares in the last quarter. Institutional investors and hedge funds own 8.53% of the company’s stock.
Canopy Growth stock opened at $42.89 on Thursday. Canopy Growth Corp has a 1-year low of $18.93 and a 1-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. The firm has a market capitalization of $14.96 billion, a price-to-earnings ratio of -134.03 and a beta of 4.29.
CGC has been the topic of several analyst reports. Piper Jaffray Companies set a $60.00 price objective on Canopy Growth and gave the company a “buy” rating in a research note on Friday, February 15th. TheStreet upgraded Canopy Growth from a “d+” rating to a “c” rating in a research note on Friday, March 1st. GMP Securities cut Canopy Growth from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Jefferies Financial Group initiated coverage on Canopy Growth in a research note on Monday, February 25th. They issued a “hold” rating on the stock. Finally, Seaport Global Securities initiated coverage on Canopy Growth in a research note on Thursday, February 21st. They issued a “neutral” rating and a $46.27 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $49.32.
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Canopy Growth Company 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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