D. E. Shaw & Co. Inc. Sells 115,093 Shares of Canopy Growth Co. (NASDAQ:CGC)

D. E. Shaw & Co. Inc. lessened its position in shares of Canopy Growth Co. (NASDAQ:CGC) by 7.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,355,925 shares of the company’s stock after selling 115,093 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Canopy Growth were worth $43,430,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CGC. Amundi Pioneer Asset Management Inc. raised its stake in Canopy Growth by 6.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the company’s stock worth $1,577,000 after buying an additional 2,296 shares during the last quarter. Wells Fargo & Company MN raised its stake in Canopy Growth by 37.2% during the fourth quarter. Wells Fargo & Company MN now owns 26,960 shares of the company’s stock worth $664,000 after buying an additional 7,312 shares during the last quarter. Renaissance Technologies LLC bought a new position in Canopy Growth during the fourth quarter worth $5,308,000. Northern Trust Corp bought a new position in Canopy Growth during the fourth quarter worth $751,000. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Canopy Growth by 49.3% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 123,276 shares of the company’s stock valued at $3,031,000 after purchasing an additional 40,710 shares in the last quarter. 12.69% of the stock is owned by institutional investors and hedge funds.

Canopy Growth stock opened at $20.24 on Thursday. Canopy Growth Co. has a fifty-two week low of $13.83 and a fifty-two week high of $56.50. The stock has a market capitalization of $7.96 billion, a PE ratio of -5.66 and a beta of 2.10. The stock’s 50-day moving average price is $23.48. The company has a current ratio of 9.98, a quick ratio of 8.69 and a debt-to-equity ratio of 0.45.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Monday, May 31st. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($1.67). Canopy Growth had a negative return on equity of 18.67% and a negative net margin of 311.30%. The firm had revenue of $167.40 million for the quarter, compared to analysts’ expectations of $149.97 million. During the same quarter last year, the firm posted ($3.72) earnings per share. The firm’s revenue for the quarter was up 45.4% compared to the same quarter last year. On average, equities analysts predict that Canopy Growth Co. will post -0.6 EPS for the current fiscal year.

Several research firms have weighed in on CGC. Zacks Investment Research downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Wednesday, July 7th. CIBC decreased their price target on shares of Canopy Growth from C$38.00 to C$36.00 and set a “neutral” rating for the company in a research note on Wednesday, June 2nd. Canaccord Genuity raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research note on Tuesday, June 1st. Alliance Global Partners reaffirmed a “neutral” rating and issued a $32.00 price target (down from $40.00) on shares of Canopy Growth in a research note on Tuesday, June 1st. Finally, Desjardins decreased their price target on shares of Canopy Growth from C$55.00 to C$35.00 and set a “hold” rating for the company in a research note on Thursday, June 3rd. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $31.11.

About Canopy Growth

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 Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.

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

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