CLARET ASSET MANAGEMENT Corp Takes Position in Canopy Growth Corp (CGC)

CLARET ASSET MANAGEMENT Corp bought a new stake in shares of Canopy Growth Corp (NYSE:CGC) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 4,765 shares of the marijuana producer’s stock, valued at approximately $231,000.

Several other large investors have also recently bought and sold shares of CGC. Exane Derivatives acquired a new stake in Canopy Growth in the 3rd quarter valued at $117,000. Kiley Juergens Wealth Management LLC grew its stake in 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 valued at $117,000 after acquiring an additional 2,168 shares during the period. Truvestments Capital LLC acquired a new stake in Canopy Growth in the 3rd quarter valued at $150,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Canopy Growth in the 3rd quarter valued at $163,000. Finally, First Manhattan Co. acquired a new stake in Canopy Growth in the 2nd quarter valued at $115,000. 7.37% of the stock is owned by hedge funds and other institutional investors.

Shares of CGC opened at $33.97 on Wednesday. Canopy Growth Corp has a 52-week low of $11.87 and a 52-week high of $59.25. The company has a debt-to-equity ratio of 0.50, a quick ratio of 5.53 and a current ratio of 6.84.



Canopy Growth (NYSE:CGC) last announced its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.19). Canopy Growth had a negative return on equity of 12.47% and a negative net margin of 159.94%. The business had revenue of $20.09 million for the quarter, compared to analyst estimates of $21.04 million. Equities analysts expect that Canopy Growth Corp will post -0.38 earnings per share for the current fiscal year.

CGC has been the topic of a number of research analyst reports. Canaccord Genuity raised 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 on the stock. 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 price target on the stock. They noted that the move was a valuation call. Finally, Scotiabank initiated coverage on shares of Canopy Growth in a research note on Wednesday, October 17th. They issued a “hold” rating and a $61.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Canopy Growth currently has an average rating of “Hold” and a consensus price target of $36.67.

About Canopy Growth

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: Stop Order Uses For Individual Investors

Want to see what other hedge funds are holding CGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canopy Growth Corp (NYSE:CGC).

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

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply