Canopy Growth Corp (NYSE:CGC) Holdings Boosted by Valeo Financial Advisors LLC

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Valeo Financial Advisors LLC boosted its position in shares of Canopy Growth Corp (NYSE:CGC) by 174.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,890 shares of the marijuana producer’s stock after purchasing an additional 10,098 shares during the period. Valeo Financial Advisors LLC’s holdings in Canopy Growth were worth $364,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in Canopy Growth by 66.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 601,365 shares of the marijuana producer’s stock worth $24,452,000 after purchasing an additional 239,617 shares in the last quarter. Korea Investment CORP grew its holdings in shares of Canopy Growth by 4.0% during the 2nd quarter. Korea Investment CORP now owns 432,600 shares of the marijuana producer’s stock valued at $17,438,000 after acquiring an additional 16,800 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Canopy Growth by 23.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 192,644 shares of the marijuana producer’s stock valued at $7,794,000 after acquiring an additional 36,414 shares in the last quarter. First Manhattan Co. grew its holdings in shares of Canopy Growth by 128.3% during the 2nd quarter. First Manhattan Co. now owns 6,940 shares of the marijuana producer’s stock valued at $279,000 after acquiring an additional 3,900 shares in the last quarter. Finally, Financial Advocates Investment Management purchased a new position in shares of Canopy Growth during the 2nd quarter valued at $215,000. Hedge funds and other institutional investors own 9.27% of the company’s stock.

Shares of CGC stock traded down $0.38 on Wednesday, hitting $19.72. The company’s stock had a trading volume of 3,281,761 shares, compared to its average volume of 5,073,045. The company has a debt-to-equity ratio of 0.13, a current ratio of 10.37 and a quick ratio of 9.03. Canopy Growth Corp has a fifty-two week low of $17.89 and a fifty-two week high of $59.25. The firm’s fifty day moving average price is $24.30 and its 200-day moving average price is $36.09. The stock has a market capitalization of $6.86 billion, a price-to-earnings ratio of -12.40 and a beta of 3.77.

Canopy Growth (NYSE:CGC) last released its quarterly earnings data on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.06. Canopy Growth had a negative net margin of 647.47% and a negative return on equity of 13.01%. The business had revenue of $67.65 million during the quarter, compared to analyst estimates of $85.97 million. Analysts predict that Canopy Growth Corp will post -2.42 EPS for the current fiscal year.

Several research firms have recently commented on CGC. Stifel Nicolaus restated a “buy” rating and set a $44.00 price target (down from $50.00) on shares of Canopy Growth in a report on Friday, August 16th. Bryan, Garnier & Co cut shares of Canopy Growth from a “buy” rating to a “neutral” rating in a report on Friday, July 5th. Consumer Edge began coverage on shares of Canopy Growth in a report on Friday, June 28th. They set an “equal weight” rating on the stock. Piper Jaffray Companies lowered their price target on shares of Canopy Growth from $49.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Finally, Jefferies Financial Group cut shares of Canopy Growth from a “hold” rating to an “underperform” rating and set a $25.00 price target on the stock. in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. Canopy Growth has an average rating of “Hold” and an average price target of $48.53.

Canopy Growth Company 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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