IFP Advisors Inc Invests $1.06 Million in Canopy Growth Corp (CGC) Stock

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IFP Advisors Inc purchased a new position in shares of Canopy Growth Corp (NYSE:CGC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 36,252 shares of the marijuana producer’s stock, valued at approximately $1,062,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CGC. First Manhattan Co. acquired a new position in Canopy Growth during the second quarter worth approximately $115,000. Thompson Davis & CO. Inc. acquired a new position in shares of Canopy Growth in the second quarter valued at approximately $169,000. Global Financial Private Capital LLC acquired a new position in shares of Canopy Growth in the second quarter valued at approximately $202,000. Traynor Capital Management Inc. acquired a new position in shares of Canopy Growth in the second quarter valued at approximately $213,000. Finally, Epstein & White Financial LLC acquired a new position in shares of Canopy Growth in the second quarter valued at approximately $244,000. 1.40% of the stock is currently owned by institutional investors.

CGC has been the topic of a number of recent research reports. Canaccord Genuity raised Canopy Growth from a “hold” rating to a “buy” rating in a report on Thursday. ValuEngine raised Canopy Growth from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd.

NYSE:CGC opened at $33.75 on Monday. Canopy Growth Corp has a 12-month low of $6.64 and a 12-month high of $36.55. The company has a market capitalization of $6.23 billion, a PE ratio of -105.47 and a beta of 1.87. The company has a current ratio of 12.80, a quick ratio of 9.10 and a debt-to-equity ratio of 0.01.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Wednesday, June 27th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.23). Canopy Growth had a negative return on equity of 7.79% and a negative net margin of 84.88%. The business had revenue of $22.80 million for the quarter, compared to analyst estimates of $24.19 million. The firm’s revenue was up 55.1% compared to the same quarter last year. equities analysts predict that Canopy Growth Corp will post -0.18 earnings per share for the current year.

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.

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

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