Canopy Growth Corp (NYSE:CGC) Shares Bought by TCG Advisors LP
TCG Advisors LP lifted its stake in Canopy Growth Corp (NYSE:CGC) by 77.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,147 shares of the marijuana producer’s stock after buying an additional 500 shares during the period. TCG Advisors LP’s holdings in Canopy Growth were worth $46,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Janus Henderson Group PLC boosted its position in Canopy Growth by 358.4% in the 1st quarter. Janus Henderson Group PLC now owns 597,022 shares of the marijuana producer’s stock valued at $25,841,000 after buying an additional 466,768 shares during the last quarter. Goelzer Investment Management Inc. acquired a new stake in shares of Canopy Growth during the first quarter worth approximately $489,000. First Allied Advisory Services Inc. bought a new stake in shares of Canopy Growth in the first quarter worth $573,000. Mn Services Vermogensbeheer B.V. grew its position in shares of Canopy Growth by 3.2% in the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 35,400 shares of the marijuana producer’s stock worth $2,047,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Toronto Dominion Bank boosted its holdings in Canopy Growth by 128.4% in the first quarter. Toronto Dominion Bank now owns 385,193 shares of the marijuana producer’s stock worth $16,663,000 after purchasing an additional 216,559 shares during the period. 9.29% of the stock is owned by institutional investors.
NYSE CGC traded down $0.06 on Wednesday, hitting $27.37. 2,312,799 shares of the company were exchanged, compared to its average volume of 5,851,809. The company has a debt-to-equity ratio of 0.13, a current ratio of 10.37 and a quick ratio of 9.03. Canopy Growth Corp has a twelve month low of $22.76 and a twelve month high of $59.25. The firm has a market capitalization of $9.50 billion, a P/E ratio of -17.21 and a beta of 3.79. The company’s 50 day moving average price is $29.21 and its 200-day moving average price is $39.79.
Several brokerages have recently issued reports on CGC. Bryan, Garnier & Co downgraded shares of Canopy Growth from a “buy” rating to a “neutral” rating in a report on Friday, July 5th. Seaport Global Securities upgraded shares of Canopy Growth from a “neutral” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Monday, August 26th. Compass Point assumed coverage on Canopy Growth in a research report on Monday, June 10th. They issued a “neutral” rating and a $43.76 target price on the stock. Consumer Edge began coverage on Canopy Growth in a research note on Friday, June 28th. They set an “equal weight” rating on the stock. Finally, Bank of America set a $53.00 price objective on shares of Canopy Growth and gave the company a “buy” rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $53.86.
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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