Royal Bank of Canada Boosts Holdings in Canopy Growth Corporation $CGC

Royal Bank of Canada increased its stake in shares of Canopy Growth Corporation (NASDAQ:CGC) by 1,115.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 975,967 shares of the company’s stock after acquiring an additional 895,680 shares during the quarter. Royal Bank of Canada owned about 0.24% of Canopy Growth worth $927,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Boothbay Fund Management LLC acquired a new position in Canopy Growth in the second quarter valued at $30,000. Bank of Montreal Can grew its holdings in shares of Canopy Growth by 122.7% during the fourth quarter. Bank of Montreal Can now owns 25,174 shares of the company’s stock worth $29,000 after purchasing an additional 135,970 shares during the last quarter. PCG Wealth Advisors LLC acquired a new stake in shares of Canopy Growth during the fourth quarter worth about $32,000. Sender Co & Partners Inc. acquired a new stake in shares of Canopy Growth during the third quarter worth about $63,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of Canopy Growth during the fourth quarter worth about $63,000. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CGC. Wall Street Zen raised Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings lowered Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold”.

Canopy Growth Price Performance

Shares of NASDAQ:CGC opened at $1.05 on Friday. The stock has a market cap of $470.84 million, a P/E ratio of -2.33 and a beta of 0.81. The firm has a fifty day moving average price of $0.96 and a 200 day moving average price of $1.03. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.04 and a quick ratio of 2.39. Canopy Growth Corporation has a 1-year low of $0.84 and a 1-year high of $2.38.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $142.62 million for the quarter, compared to the consensus estimate of $58.21 million. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. Sell-side analysts predict that Canopy Growth Corporation will post -0.1 EPS for the current year.

Insider Activity

In related news, CEO Luc Mongeau sold 135,231 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $131,174.07. Following the transaction, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at $1,672,195.61. This trade represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Christelle Gedeon sold 58,994 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value of $57,224.18. Following the transaction, the insider directly owned 705,506 shares in the company, valued at approximately $684,340.82. This represents a 7.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 224,958 shares of company stock valued at $217,137 in the last quarter. Insiders own 0.35% of the company’s stock.

Canopy Growth Company Profile

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.