Wedbush Securities Inc. boosted its holdings in Canopy Growth Corp (NYSE:CGC) by 14.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 29,614 shares of the marijuana producer’s stock after purchasing an additional 3,824 shares during the quarter. Wedbush Securities Inc.’s holdings in Canopy Growth were worth $1,194,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Global Retirement Partners LLC raised its holdings in Canopy Growth by 524.0% in the first quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock valued at $27,000 after buying an additional 524 shares during the period. Coastal Capital Group Inc. acquired a new stake in Canopy Growth in the second quarter valued at approximately $26,000. Private Capital Group LLC grew its position in Canopy Growth by 221.5% in the first quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after acquiring an additional 443 shares in the last quarter. TCG Advisors LP acquired a new stake in Canopy Growth in the first quarter valued at approximately $28,000. Finally, Lee Financial Co grew its position in Canopy Growth by 884.1% in the first quarter. Lee Financial Co now owns 679 shares of the marijuana producer’s stock valued at $29,000 after acquiring an additional 610 shares in the last quarter. Hedge funds and other institutional investors own 8.16% of the company’s stock.

CGC has been the subject of several recent research reports. Consumer Edge initiated coverage on shares of Canopy Growth in a research report on Friday, June 28th. They issued an “equal weight” rating for the company. Evercore ISI initiated coverage on shares of Canopy Growth in a research report on Wednesday, June 12th. They issued an “outperform” rating and a $107.57 price objective for the company. Zacks Investment Research downgraded shares of Canopy Growth from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. Bryan, Garnier & Co downgraded shares of Canopy Growth from a “buy” rating to a “neutral” rating in a research report on Friday, July 5th. Finally, Piper Jaffray Companies lowered their price objective on shares of Canopy Growth from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Monday, July 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $54.86.

CGC traded down $0.97 during trading hours on Wednesday, hitting $31.90. 2,040,381 shares of the stock were exchanged, compared to its average volume of 6,539,766. The stock has a 50-day simple moving average of $35.98. Canopy Growth Corp has a 12 month low of $24.46 and a 12 month high of $59.25. The firm has a market capitalization of $11.41 billion, a PE ratio of -20.06 and a beta of 3.63. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.49 and a current ratio of 12.32.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.50). Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%. The firm had revenue of $70.74 million for the quarter, compared to the consensus estimate of $71.06 million. As a group, equities research analysts anticipate that Canopy Growth Corp will post -0.9 earnings per share for the current fiscal year.

Canopy Growth Profile

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.

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

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