Gerber Kawasaki Wealth & Investment Management cut its holdings in Canopy Growth Corp (NYSE:CGC) by 13.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,238 shares of the marijuana producer’s stock after selling 1,114 shares during the period. Gerber Kawasaki Wealth & Investment Management’s holdings in Canopy Growth were worth $313,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of CGC. Stone House Investment Management LLC acquired a new stake in shares of Canopy Growth in the first quarter valued at approximately $25,000. Ellis Investment Partners LLC acquired a new stake in shares of Canopy Growth in the first quarter valued at approximately $25,000. Cypress Capital Management LLC WY acquired a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $27,000. Next Capital Management LLC acquired a new stake in shares of Canopy Growth in the fourth quarter valued at approximately $27,000. Finally, Private Capital Group LLC raised its holdings in shares of Canopy Growth by 221.5% in the first quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock valued at $28,000 after purchasing an additional 443 shares during the last quarter. Institutional investors own 8.05% of the company’s stock.
CGC traded down $0.01 during trading on Thursday, reaching $45.29. 1,194,356 shares of the stock were exchanged, compared to its average volume of 8,261,564. The company has a market cap of $15.06 billion, a price-to-earnings ratio of -141.53 and a beta of 4.17. Canopy Growth Corp has a twelve month low of $24.21 and a twelve month high of $59.25. The company has a current ratio of 17.85, a quick ratio of 17.12 and a debt-to-equity ratio of 0.10.
Canopy Growth (NYSE:CGC) last released its quarterly earnings data on Thursday, February 14th. The marijuana producer reported ($0.67) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.52). Canopy Growth had a negative return on equity of 14.39% and a negative net margin of 267.40%. The company had revenue of $62.85 million for the quarter, compared to the consensus estimate of $66.09 million. As a group, research analysts forecast that Canopy Growth Corp will post -1.08 earnings per share for the current year.
A number of analysts have recently issued reports on CGC shares. Piper Jaffray Companies set a $60.00 price objective on shares of Canopy Growth and gave the company a “buy” rating in a report on Friday, February 15th. CIBC started coverage on shares of Canopy Growth in a report on Friday, January 18th. They issued an “outperform” rating on the stock. TheStreet upgraded shares of Canopy Growth from a “d+” rating to a “c” rating in a report on Friday, March 1st. GMP Securities upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating and boosted their target price for the stock from $65.00 to $72.00 in a report on Monday, April 22nd. Finally, Desjardins started coverage on shares of Canopy Growth in a report on Thursday, April 25th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $57.85.
About Canopy Growth
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.
Want to see what other hedge funds are holding CGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canopy Growth Corp (NYSE:CGC).
Receive News & Ratings for Canopy Growth Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Canopy Growth and related companies with MarketBeat.com’s FREE daily email newsletter.