Selz Capital LLC Acquires New Shares in Canopy Growth Corp (NYSE:CGC)

Selz Capital LLC acquired a new stake in Canopy Growth Corp (NYSE:CGC) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 25,000 shares of the marijuana producer’s stock, valued at approximately $527,000.

A number of other institutional investors have also added to or reduced their stakes in CGC. Amundi Pioneer Asset Management Inc. grew its stake in Canopy Growth by 6.7% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the marijuana producer’s stock valued at $1,577,000 after buying an additional 2,296 shares in the last quarter. Wells Fargo & Company MN grew its stake in Canopy Growth by 13.9% in the 2nd quarter. Wells Fargo & Company MN now owns 7,750 shares of the marijuana producer’s stock valued at $313,000 after buying an additional 945 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Canopy Growth by 21.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 18,134 shares of the marijuana producer’s stock valued at $739,000 after buying an additional 3,179 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Canopy Growth by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 231,373 shares of the marijuana producer’s stock valued at $9,326,000 after buying an additional 4,976 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its stake in Canopy Growth by 0.5% in the 2nd quarter. Pictet Asset Management Ltd. now owns 77,571 shares of the marijuana producer’s stock valued at $3,138,000 after buying an additional 400 shares in the last quarter. Institutional investors and hedge funds own 10.09% of the company’s stock.

A number of research analysts recently weighed in on CGC shares. Zacks Investment Research upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Thursday, October 31st. TheStreet lowered shares of Canopy Growth from a “c-” rating to a “d+” rating in a research report on Wednesday, October 9th. Eight Capital cut shares of Canopy Growth to a “hold” rating and set a $25.00 price target on the stock. in a report on Friday, November 29th. Alliance Global Partners downgraded Canopy Growth from a “buy” rating to a “neutral” rating in a research report on Friday, November 15th. Finally, Piper Jaffray Companies dropped their price objective on Canopy Growth from $40.00 to $36.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $39.71.

NYSE CGC traded down $0.35 during trading hours on Thursday, reaching $24.55. 667,026 shares of the stock traded hands, compared to its average volume of 7,585,895. The company has a debt-to-equity ratio of 0.10, a current ratio of 8.38 and a quick ratio of 7.04. The stock has a 50 day simple moving average of $20.00 and a two-hundred day simple moving average of $25.07. Canopy Growth Corp has a 1 year low of $13.81 and a 1 year high of $52.74. The company has a market cap of $8.62 billion, a price-to-earnings ratio of -15.54 and a beta of 3.59.

Canopy Growth (NYSE:CGC) last posted its quarterly earnings data on Thursday, November 14th. The marijuana producer reported ($0.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.55). The firm had revenue of $58.03 million during the quarter, compared to analysts’ expectations of $77.10 million. Canopy Growth had a negative return on equity of 13.44% and a negative net margin of 542.66%. On average, sell-side analysts forecast that Canopy Growth Corp will post -1.68 EPS for the current fiscal 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, CraftGrow, and Foria brand names.

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

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