Parallel Advisors LLC bought a new position in Canopy Growth Corp (NYSE:CGC) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,881 shares of the marijuana producer’s stock, valued at approximately $140,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. JW Asset Management LLC acquired a new stake in shares of Canopy Growth in the 2nd quarter worth $37,819,000. Morgan Stanley acquired a new stake in shares of Canopy Growth in the 2nd quarter worth $35,365,000. TD Asset Management Inc. acquired a new stake in shares of Canopy Growth in the 2nd quarter worth $19,252,000. Indus Capital Partners LLC acquired a new stake in shares of Canopy Growth in the 2nd quarter worth $19,226,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Canopy Growth in the 2nd quarter worth $15,726,000. Institutional investors own 7.44% of the company’s stock.
Shares of NYSE CGC opened at $40.09 on Tuesday. The company has a quick ratio of 5.53, a current ratio of 6.84 and a debt-to-equity ratio of 0.50. Canopy Growth Corp has a 52 week low of $12.60 and a 52 week high of $59.25. The stock has a market capitalization of $8.62 billion, a P/E ratio of -125.28 and a beta of 3.70.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Tuesday, August 14th. The marijuana producer reported ($0.31) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.19). Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 12.47%. The company had revenue of $20.09 million during the quarter, compared to analyst estimates of $21.04 million. As a group, research analysts anticipate that Canopy Growth Corp will post -0.41 EPS for the current fiscal year.
CGC has been the subject of several recent analyst reports. Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Benchmark initiated coverage on shares of Canopy Growth in a research note on Tuesday, September 25th. They issued a “buy” rating for the company. Cann initiated coverage on shares of Canopy Growth in a research note on Friday, October 12th. They issued a “sell” rating and a $30.00 target price for the company. They noted that the move was a valuation call. Finally, Scotiabank began coverage on shares of Canopy Growth in a research note on Wednesday, October 17th. They issued a “hold” rating and a $61.00 target price for the company. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $36.67.
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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.
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