Shell Asset Management Co. Invests $78,000 in Canopy Growth Co. (NASDAQ:CGC)

Shell Asset Management Co. bought a new position in Canopy Growth Co. (NASDAQ:CGCGet Rating) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 27,567 shares of the company’s stock, valued at approximately $78,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Canopy Growth by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,878,052 shares of the company’s stock valued at $59,715,000 after purchasing an additional 273,778 shares during the last quarter. Contrarius Investment Management Ltd grew its position in Canopy Growth by 147.8% during the 1st quarter. Contrarius Investment Management Ltd now owns 2,081,014 shares of the company’s stock valued at $15,774,000 after purchasing an additional 1,241,381 shares during the last quarter. Swiss National Bank grew its position in Canopy Growth by 12.8% during the 1st quarter. Swiss National Bank now owns 1,049,200 shares of the company’s stock valued at $7,948,000 after purchasing an additional 118,800 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Canopy Growth by 0.6% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 859,141 shares of the company’s stock valued at $2,438,000 after purchasing an additional 5,289 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Canopy Growth by 9.4% during the 1st quarter. JPMorgan Chase & Co. now owns 822,433 shares of the company’s stock valued at $6,233,000 after purchasing an additional 70,929 shares during the last quarter. 10.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CGC has been the topic of several recent analyst reports. Alliance Global Partners increased their price objective on shares of Canopy Growth from C$3.50 to C$4.00 in a research report on Tuesday, October 25th. Piper Sandler dropped their price target on shares of Canopy Growth from $3.00 to $2.50 and set an “underweight” rating on the stock in a report on Monday, August 8th. Sanford C. Bernstein began coverage on shares of Canopy Growth in a report on Tuesday, November 1st. They set an “underperform” rating and a $1.50 price target on the stock. Canaccord Genuity Group raised their price target on shares of Canopy Growth from C$4.25 to C$5.00 and gave the company a “hold” rating in a report on Monday, November 7th. Finally, Barclays dropped their price target on shares of Canopy Growth from $3.50 to $2.00 and set an “underweight” rating on the stock in a report on Friday, September 30th. Eight research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $6.29.

Canopy Growth Trading Down 11.1 %

Canopy Growth stock opened at $3.67 on Friday. The stock has a market cap of $1.76 billion, a P/E ratio of -0.63 and a beta of 1.95. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.84 and a quick ratio of 2.45. Canopy Growth Co. has a 1 year low of $2.13 and a 1 year high of $12.77. The firm’s 50 day moving average price is $3.12 and its 200-day moving average price is $3.53.

Canopy Growth Profile

(Get Rating)

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

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