Gerber Kawasaki Wealth & Investment Management boosted its position in Canopy Growth Corp (NYSE:CGC) by 22.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,352 shares of the marijuana producer’s stock after buying an additional 1,545 shares during the period. Gerber Kawasaki Wealth & Investment Management’s holdings in Canopy Growth were worth $224,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in CGC. Morgan Stanley boosted its position in Canopy Growth by 243.3% in the 3rd quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after purchasing an additional 2,937,286 shares in the last quarter. ETF Managers Group LLC purchased a new position in shares of Canopy Growth during the 4th quarter valued at approximately $40,644,000. Macquarie Group Ltd. purchased a new position in shares of Canopy Growth during the 3rd quarter valued at approximately $66,202,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Canopy Growth by 234.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,802,260 shares of the marijuana producer’s stock valued at $87,492,000 after buying an additional 1,263,825 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new position in shares of Canopy Growth during the 3rd quarter valued at approximately $20,127,000. Institutional investors and hedge funds own 11.84% of the company’s stock.
A number of research analysts have recently issued reports on CGC shares. Piper Jaffray Companies set a $60.00 target price on Canopy Growth and gave the company a “buy” rating in a research report on Friday, February 15th. CIBC began coverage on Canopy Growth in a research note on Friday, January 18th. They issued an “outperform” rating for the company. TheStreet raised Canopy Growth from a “d+” rating to a “c” rating in a research note on Friday, March 1st. GMP Securities downgraded Canopy Growth from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Finally, Seaport Global Securities began coverage on Canopy Growth in a research note on Thursday, February 21st. They issued a “neutral” rating and a $46.27 price objective for the company. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $49.32.
Shares of CGC traded up $0.37 during midday trading on Friday, reaching $45.89. The company had a trading volume of 4,106,135 shares, compared to its average volume of 10,166,707. Canopy Growth Corp has a 1-year low of $18.93 and a 1-year high of $59.25. The company has a market capitalization of $10.57 billion, a PE ratio of -143.41 and a beta of 4.29. The company has a quick ratio of 17.12, a current ratio of 17.85 and a debt-to-equity ratio of 0.10.
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Canopy Growth Company Profile
Canopy Growth Corp. engages in the production and sale of medical cannabis. The company offers products including oils and concentrates, soft gel capsules, and hemp. It focuses on the treatment of chronic pain, seizures, muscle spasms, nausea, and loss of appetite. The company was founded by Bruce Linton on August 5, 2009 and is headquartered in Smith Falls, Canada.
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