Cibc World Market Inc. Acquires 11,055 Shares of Canopy Growth Co. (NASDAQ:CGC)

Cibc World Market Inc. boosted its position in Canopy Growth Co. (NASDAQ:CGCGet Rating) by 7.8% during the second quarter, Holdings Channel reports. The institutional investor owned 152,801 shares of the company’s stock after purchasing an additional 11,055 shares during the quarter. Cibc World Market Inc.’s holdings in Canopy Growth were worth $434,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Marietta Investment Partners LLC acquired a new stake in Canopy Growth in the 2nd quarter valued at approximately $58,000. Virtue Capital Management LLC acquired a new stake in Canopy Growth in the 2nd quarter valued at approximately $34,000. Cerity Partners LLC acquired a new stake in Canopy Growth in the 2nd quarter valued at approximately $178,000. Lazard Asset Management LLC acquired a new stake in Canopy Growth in the 2nd quarter valued at approximately $1,129,000. Finally, Shell Asset Management Co. acquired a new stake in Canopy Growth in the 2nd quarter valued at approximately $78,000. Institutional investors and hedge funds own 10.02% of the company’s stock.

Canopy Growth Stock Performance

Shares of NASDAQ CGC opened at $3.48 on Wednesday. The company has a current ratio of 2.84, a quick ratio of 2.45 and a debt-to-equity ratio of 0.63. Canopy Growth Co. has a 12 month low of $2.13 and a 12 month high of $12.09. The stock has a 50 day moving average of $3.12 and a 200-day moving average of $3.49. The company has a market capitalization of $1.67 billion, a P/E ratio of -0.60 and a beta of 1.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CGC shares. Barclays dropped their target price on Canopy Growth from $3.50 to $2.00 and set an “underweight” rating on the stock in a research report on Friday, September 30th. Piper Sandler lowered their price target on Canopy Growth from $3.00 to $2.50 and set an “underweight” rating on the stock in a research report on Monday, August 8th. Cantor Fitzgerald boosted their price target on Canopy Growth from $2.90 to $3.05 and gave the stock a “neutral” rating in a research report on Wednesday, October 26th. Canaccord Genuity Group boosted their price target on Canopy Growth from C$4.25 to C$5.00 and gave the stock a “hold” rating in a research report on Monday, November 7th. Finally, Canaccord Genuity Group raised Canopy Growth from a “sell” rating to a “hold” rating in a research report on Wednesday, October 26th. Eight research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Canopy Growth has an average rating of “Hold” and an average price target of $6.29.

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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