Usca Ria LLC purchased a new stake in Canopy Growth Corp (NYSE:CGC) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,200 shares of the marijuana producer’s stock, valued at approximately $204,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Epstein & White Financial LLC bought a new position in shares of Canopy Growth during the second quarter worth $244,000. Cornerstone Wealth Management LLC bought a new position in shares of Canopy Growth during the second quarter worth $350,000. Creative Planning bought a new position in shares of Canopy Growth during the second quarter worth $932,000. K.J. Harrison & Partners Inc bought a new position in shares of Canopy Growth during the second quarter worth $639,000. Finally, TD Asset Management Inc. bought a new position in shares of Canopy Growth during the second quarter worth $19,252,000. 7.44% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts recently weighed in on CGC shares. Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a research report on Thursday, August 16th. Zacks Investment Research lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Tuesday, August 28th. Cann started coverage on shares of Canopy Growth in a research report on Friday, October 12th. They set a “sell” rating and a $30.00 target price for the company. They noted that the move was a valuation call. Benchmark started coverage on shares of Canopy Growth in a research report on Tuesday, September 25th. They set a “buy” rating for the company. Finally, Scotiabank started coverage on shares of Canopy Growth in a research report on Wednesday, October 17th. They set a “hold” rating and a $61.00 target price for the company. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $36.67.

Canopy Growth stock opened at $39.14 on Friday. The firm has a market cap of $10.70 billion, a P/E ratio of -122.31 and a beta of 3.70. The company has a current ratio of 6.84, a quick ratio of 5.53 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.

Canopy Growth (NYSE:CGC) last released its quarterly earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.19). The business had revenue of $20.09 million for the quarter, compared to analysts’ expectations of $21.04 million. Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 12.47%. On average, equities research analysts predict that Canopy Growth Corp will post -0.41 earnings per share for the current fiscal year.

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

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