MML Investors Services LLC bought a new position in Canopy Growth Corp (NYSE:CGC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 11,495 shares of the marijuana producer’s stock, valued at approximately $559,000.
Several other institutional investors and hedge funds have also recently modified their holdings of CGC. First Manhattan Co. purchased a new position in shares of Canopy Growth in the 2nd quarter worth $115,000. Kiley Juergens Wealth Management LLC raised its position in shares of Canopy Growth by 867.2% in the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 2,418 shares of the marijuana producer’s stock worth $117,000 after buying an additional 2,168 shares during the period. Exane Derivatives purchased a new position in shares of Canopy Growth in the 3rd quarter worth $117,000. Advisory Services Network LLC purchased a new position in shares of Canopy Growth in the 3rd quarter worth $138,000. Finally, Parallel Advisors LLC acquired a new stake in Canopy Growth in the 3rd quarter valued at $140,000. 11.97% of the stock is currently owned by institutional investors and hedge funds.
CGC has been the subject of several recent research reports. Zacks Investment Research downgraded Canopy Growth from a “hold” rating to a “sell” rating in a report on Tuesday, August 28th. Scotiabank initiated coverage on Canopy Growth in a report on Wednesday, October 17th. They issued a “hold” rating and a $61.00 price target for the company. Benchmark initiated coverage on Canopy Growth in a report on Tuesday, September 25th. They issued a “buy” rating for the company. Cann initiated coverage on Canopy Growth in a report on Friday, October 12th. They issued a “sell” rating and a $30.00 price target for the company. They noted that the move was a valuation call. Finally, Canaccord Genuity upgraded Canopy Growth from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $36.67.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings results on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.64). Canopy Growth had a negative net margin of 503.14% and a negative return on equity of 26.32%. The company had revenue of $23.30 million during the quarter, compared to analyst estimates of $59.10 million. The company’s quarterly revenue was up 32.4% on a year-over-year basis. Equities analysts anticipate that Canopy Growth Corp will post -0.88 earnings per share for the current year.
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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, Bedrocan Canada, CraftGrow, and Foria brand names.
Read More: How to Invest in Marijuana Stocks
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