Posted by admin on Aug 25th, 2022 
Northwestern Mutual Wealth Management Co. increased its holdings in Canopy Growth Co. (NASDAQ:CGC – Get Rating) by 30.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,688 shares of the company’s stock after acquiring an additional 6,208 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Canopy Growth were worth $203,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CGC. Canada Pension Plan Investment Board purchased a new stake in Canopy Growth in the fourth quarter worth $5,257,000. ETF Managers Group LLC lifted its stake in Canopy Growth by 10.7% in the fourth quarter. ETF Managers Group LLC now owns 6,052,662 shares of the company’s stock worth $54,111,000 after acquiring an additional 586,900 shares during the period. Merlin Capital LLC bought a new position in Canopy Growth in the fourth quarter worth $3,141,000. D. E. Shaw & Co. Inc. raised its holdings in Canopy Growth by 26.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,709,206 shares of the company’s stock worth $14,921,000 after purchasing an additional 353,281 shares in the last quarter. Finally, Credit Suisse AG raised its holdings in Canopy Growth by 28.4% in the fourth quarter. Credit Suisse AG now owns 902,687 shares of the company’s stock worth $7,879,000 after purchasing an additional 199,616 shares in the last quarter. Hedge funds and other institutional investors own 16.59% of the company’s stock.
A number of research firms have issued reports on CGC. Cowen decreased their price objective on Canopy Growth to $5.00 and set a “buy” rating for the company in a report on Monday, May 30th. Bank of America decreased their price objective on Canopy Growth from $3.00 to $2.33 and set an “underperform” rating for the company in a report on Tuesday, July 5th. Barclays decreased their price objective on Canopy Growth from $6.00 to $3.50 and set an “underweight” rating for the company in a report on Wednesday, June 8th. Piper Sandler decreased their price objective on Canopy Growth from $3.00 to $2.50 and set an “underweight” rating for the company in a report on Monday, August 8th. Finally, Alliance Global Partners reduced their price target on Canopy Growth from C$8.00 to C$7.00 in a report on Friday, May 27th. Ten analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $8.51.
NASDAQ CGC opened at $3.89 on Thursday. Canopy Growth Co. has a one year low of $2.13 and a one year high of $18.00. The stock has a 50-day moving average of $3.03 and a 200 day moving average of $5.18. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -0.71 and a beta of 2.01. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.43 and a current ratio of 3.94.
Canopy Growth (NASDAQ:CGC – Get Rating) last released its quarterly earnings data on Friday, August 5th. The company reported ($5.23) EPS for the quarter, missing the consensus estimate of ($0.28) by ($4.95). The business had revenue of $122.90 million during the quarter, compared to the consensus estimate of $113.45 million. Canopy Growth had a negative return on equity of 25.21% and a negative net margin of 558.27%. Canopy Growth’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.13) earnings per share. On average, sell-side analysts forecast that Canopy Growth Co. will post -0.8 EPS for the current year.
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Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.
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