Optimum Investment Advisors trimmed its position in Canopy Growth Co. (NASDAQ:CGC) by 60.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,200 shares of the company’s stock after selling 1,800 shares during the quarter. Optimum Investment Advisors’ holdings in Canopy Growth were worth $39,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of CGC. Voloridge Investment Management LLC bought a new stake in Canopy Growth in the fourth quarter valued at $21,249,000. ETF Managers Group LLC grew its position in Canopy Growth by 12.9% in the fourth quarter. ETF Managers Group LLC now owns 2,955,631 shares of the company’s stock valued at $72,827,000 after acquiring an additional 338,119 shares during the period. Maple Rock Capital Partners Inc. bought a new stake in Canopy Growth in the fourth quarter valued at $8,131,000. Credit Suisse AG grew its position in Canopy Growth by 79.7% in the fourth quarter. Credit Suisse AG now owns 564,969 shares of the company’s stock valued at $13,920,000 after acquiring an additional 250,523 shares during the period. Finally, LPL Financial LLC grew its position in Canopy Growth by 59.1% in the fourth quarter. LPL Financial LLC now owns 602,519 shares of the company’s stock valued at $14,846,000 after acquiring an additional 223,736 shares during the period. Institutional investors and hedge funds own 10.18% of the company’s stock.
A number of analysts have weighed in on the company. Cantor Fitzgerald lowered their price target on Canopy Growth from $62.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, April 9th. Cormark cut Canopy Growth from a “market perform” rating to a “reduce” rating in a report on Wednesday, February 10th. Piper Sandler cut Canopy Growth from an “overweight” rating to a “neutral” rating and set a $27.00 price target on the stock. in a report on Friday, February 5th. Jefferies Financial Group cut Canopy Growth from a “hold” rating to an “underperform” rating in a report on Wednesday, February 24th. Finally, Alliance Global Partners decreased their price target on Canopy Growth from $60.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 8th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.91.
Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Monday, February 8th. The company reported ($2.43) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($2.22). The business had revenue of $153.00 million for the quarter, compared to analyst estimates of $149.94 million. Canopy Growth had a negative return on equity of 13.11% and a negative net margin of 312.84%. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.35) EPS. Equities analysts anticipate that Canopy Growth Co. will post -0.5 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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