NN Investment Partners Holdings N.V. acquired a new stake in shares of Canopy Growth Corp (NYSE:CGC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 38,730 shares of the marijuana producer’s stock, valued at approximately $626,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mn Services Vermogensbeheer B.V. bought a new stake in shares of Canopy Growth during the second quarter valued at approximately $3,141,000. CWM LLC boosted its position in shares of Canopy Growth by 42.3% during the second quarter. CWM LLC now owns 6,648 shares of the marijuana producer’s stock valued at $107,000 after buying an additional 1,977 shares during the last quarter. Westside Investment Management Inc. boosted its position in shares of Canopy Growth by 229.4% during the second quarter. Westside Investment Management Inc. now owns 2,800 shares of the marijuana producer’s stock valued at $32,332,000 after buying an additional 1,950 shares during the last quarter. Belpointe Asset Management LLC boosted its position in shares of Canopy Growth by 18.0% during the second quarter. Belpointe Asset Management LLC now owns 17,256 shares of the marijuana producer’s stock valued at $279,000 after buying an additional 2,629 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Canopy Growth during the second quarter valued at approximately $1,196,000. Hedge funds and other institutional investors own 10.27% of the company’s stock.

CGC has been the topic of several analyst reports. Zacks Investment Research raised Canopy Growth from a “sell” rating to a “hold” rating in a research report on Wednesday. Oppenheimer initiated coverage on Canopy Growth in a research report on Monday, June 22nd. They set a “hold” rating on the stock. CIBC cut Canopy Growth from an “outperform” rating to a “neutral” rating in a research report on Monday, June 1st. LADENBURG THALM/SH SH cut Canopy Growth from a “buy” rating to a “neutral” rating in a research report on Monday, June 1st. Finally, BMO Capital Markets cut Canopy Growth from an “outperform” rating to a “market perform” rating in a research report on Monday, June 1st. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $30.15.

Shares of CGC opened at $18.28 on Friday. The stock’s fifty day moving average price is $17.04 and its two-hundred day moving average price is $17.39. The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.17 and a current ratio of 6.10. Canopy Growth Corp has a 1 year low of $9.00 and a 1 year high of $34.34.

Canopy Growth (NYSE:CGC) last issued its earnings results on Friday, May 29th. The marijuana producer reported ($1.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.86). The firm had revenue of $80.46 million during the quarter, compared to the consensus estimate of $94.65 million. Canopy Growth had a negative net margin of 752.54% and a negative return on equity of 20.66%. As a group, analysts forecast that Canopy Growth Corp will post -1.25 EPS for the current year.

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, CraftGrow, and Foria brand names.

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

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