Budros Ruhlin & Roe Inc. Buys New Shares in Canopy Growth Co. (NASDAQ:CGC)

Budros Ruhlin & Roe Inc. acquired a new stake in Canopy Growth Co. (NASDAQ:CGC) in the first quarter, HoldingsChannel reports. The institutional investor acquired 7,373 shares of the company’s stock, valued at approximately $236,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CGC. Piscataqua Savings Bank bought a new position in shares of Canopy Growth in the 1st quarter valued at about $25,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $29,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $30,000. Capital Advisory Group Advisory Services LLC bought a new position in shares of Canopy Growth in the fourth quarter valued at $41,000. Finally, Capital Asset Advisory Services LLC bought a new position in shares of Canopy Growth in the fourth quarter valued at $48,000. 12.73% of the stock is currently owned by institutional investors and hedge funds.

CGC has been the subject of a number of research reports. Cantor Fitzgerald dropped their target price on Canopy Growth from $62.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, April 9th. Desjardins reduced their price target on Canopy Growth from C$55.00 to C$35.00 and set a “hold” rating on the stock in a report on Thursday, June 3rd. Alliance Global Partners reiterated a “neutral” rating and issued a $32.00 target price (down from $40.00) on shares of Canopy Growth in a report on Tuesday, June 1st. TheStreet cut Canopy Growth from a “c-” rating to a “d” rating in a report on Tuesday, June 1st. Finally, Zacks Investment Research lowered Canopy Growth from a “hold” rating to a “strong sell” rating in a research report on Monday, May 31st. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Canopy Growth presently has a consensus rating of “Hold” and a consensus target price of $31.41.

Shares of NASDAQ CGC opened at $25.66 on Friday. Canopy Growth Co. has a fifty-two week low of $13.83 and a fifty-two week high of $56.50. The stock has a market capitalization of $9.83 billion, a P/E ratio of -7.11 and a beta of 2.11. The business has a 50 day simple moving average of $25.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 8.69 and a current ratio of 9.98.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data on Monday, May 31st. The company reported ($1.85) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($1.67). The business had revenue of $167.40 million during the quarter, compared to analyst estimates of $149.97 million. Canopy Growth had a negative return on equity of 18.67% and a negative net margin of 311.30%. The firm’s revenue for the quarter was up 45.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($3.72) EPS. Research analysts expect that Canopy Growth Co. will post -0.58 EPS for the current year.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.

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

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