Lake Street Financial LLC boosted its position in shares of Canopy Growth Co. (NASDAQ:CGC) by 228.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 83,237 shares of the company’s stock after purchasing an additional 57,923 shares during the period. Lake Street Financial LLC’s holdings in Canopy Growth were worth $2,005,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Compagnie Lombard Odier SCmA grew its stake in Canopy Growth by 105.3% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 7,800 shares of the company’s stock worth $189,000 after buying an additional 4,000 shares in the last quarter. Advisory Services Network LLC grew its stake in Canopy Growth by 9.5% in the 1st quarter. Advisory Services Network LLC now owns 13,164 shares of the company’s stock worth $422,000 after buying an additional 1,140 shares in the last quarter. Rockbridge Investment Management LCC grew its stake in Canopy Growth by 485.7% in the 1st quarter. Rockbridge Investment Management LCC now owns 1,025 shares of the company’s stock worth $33,000 after buying an additional 850 shares in the last quarter. Axiom Investment Management LLC purchased a new position in Canopy Growth in the 1st quarter worth approximately $274,000. Finally, MONECO Advisors LLC lifted its holdings in shares of Canopy Growth by 31.2% in the 1st quarter. MONECO Advisors LLC now owns 8,545 shares of the company’s stock worth $274,000 after acquiring an additional 2,030 shares during the last quarter. 12.69% of the stock is owned by institutional investors.
CGC has been the subject of a number of recent research reports. MKM Partners upgraded shares of Canopy Growth from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Tuesday, May 25th. Piper Sandler lowered their price target on shares of Canopy Growth from $27.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, July 8th. Zacks Investment Research lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Wednesday, July 7th. Desjardins decreased their price objective on shares of Canopy Growth from C$55.00 to C$35.00 and set a “hold” rating for the company in a report on Thursday, June 3rd. Finally, Cantor Fitzgerald decreased their price objective on shares of Canopy Growth from $62.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, April 9th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Canopy Growth currently has an average rating of “Hold” and a consensus target price of $31.11.
Shares of NASDAQ CGC traded up $0.03 during trading on Monday, reaching $18.94. 39,938 shares of the company traded hands, compared to its average volume of 4,802,969. The firm’s 50 day moving average price is $22.99. The company has a quick ratio of 8.69, a current ratio of 9.98 and a debt-to-equity ratio of 0.45. Canopy Growth Co. has a 52-week low of $13.83 and a 52-week high of $56.50.
Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Monday, May 31st. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.67). Canopy Growth had a negative net margin of 311.30% and a negative return on equity of 18.67%. The company had revenue of $167.40 million for the quarter, compared to analysts’ expectations of $149.97 million. During the same period in the previous year, the business earned ($3.72) EPS. The business’s revenue was up 45.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Canopy Growth Co. will post -0.6 EPS for the current fiscal 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 Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.
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