Intercontinental Wealth Advisors LLC decreased its position in shares of Canopy Growth Corp (NYSE:CGC) by 37.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,940 shares of the marijuana producer’s stock after selling 1,157 shares during the quarter. Intercontinental Wealth Advisors LLC’s holdings in Canopy Growth were worth $78,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC acquired a new position in shares of Canopy Growth in the fourth quarter valued at approximately $791,000. Norges Bank acquired a new position in shares of Canopy Growth in the fourth quarter valued at approximately $30,296,000. Deutsche Bank AG grew its position in shares of Canopy Growth by 111.2% in the fourth quarter. Deutsche Bank AG now owns 176,861 shares of the marijuana producer’s stock valued at $4,749,000 after purchasing an additional 93,136 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of Canopy Growth in the first quarter valued at approximately $218,000. Finally, Winfield Associates Inc. acquired a new position in shares of Canopy Growth in the first quarter valued at approximately $208,000. Hedge funds and other institutional investors own 8.16% of the company’s stock.
Several research firms have recently commented on CGC. Zacks Investment Research downgraded Canopy Growth from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. Consumer Edge began coverage on Canopy Growth in a research report on Friday, June 28th. They issued an “equal weight” rating on the stock. Desjardins reaffirmed a “hold” rating on shares of Canopy Growth in a research report on Thursday, July 4th. GMP Securities raised Canopy Growth from a “hold” rating to a “buy” rating and upped their target price for the company from $65.00 to $72.00 in a research report on Monday, April 22nd. Finally, LADENBURG THALM/SH SH initiated coverage on Canopy Growth in a research report on Wednesday, July 17th. They issued a “buy” rating and a $50.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. Canopy Growth has a consensus rating of “Hold” and an average target price of $55.55.
Canopy Growth (NYSE:CGC) last issued its quarterly earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.50). The company had revenue of $70.74 million for the quarter, compared to analyst estimates of $71.06 million. Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%. As a group, equities research analysts anticipate that Canopy Growth Corp will post -0.9 earnings per share for the current fiscal year.
Canopy Growth 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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