Canada Pension Plan Investment Board Sells 547,245 Shares of Canopy Growth Co. (NASDAQ:CGC)

Canada Pension Plan Investment Board decreased its position in Canopy Growth Co. (NASDAQ:CGC – Get Rating) by 91.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 54,255 shares of the company’s stock after selling 547,245 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Canopy Growth were worth $148,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Pictet Asset Management SA lifted its holdings in shares of Canopy Growth by 95.8% during the 3rd quarter. Pictet Asset Management SA now owns 26,412 shares of the company’s stock valued at $72,000 after purchasing an additional 12,926 shares in the last quarter. QCM Cayman Ltd. bought a new position in shares of Canopy Growth during the 3rd quarter valued at about $62,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Canopy Growth by 53.6% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,312 shares of the company’s stock valued at $332,000 after purchasing an additional 42,687 shares in the last quarter. Credit Suisse AG lifted its holdings in shares of Canopy Growth by 4.1% during the 3rd quarter. Credit Suisse AG now owns 268,326 shares of the company’s stock valued at $733,000 after purchasing an additional 10,477 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Canopy Growth by 30.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 421,940 shares of the company’s stock valued at $1,152,000 after buying an additional 98,932 shares during the last quarter. Institutional investors own 15.82% of the company’s stock.

Wall Street Analysts Forecast Growth

CGC has been the subject of a number of research analyst reports. Cantor Fitzgerald reduced their price objective on shares of Canopy Growth from $3.30 to $3.20 and set a “neutral” rating for the company in a research report on Friday, February 17th. Alliance Global Partners reduced their target price on Canopy Growth from C$4.50 to C$3.50 in a report on Thursday, February 9th. Canaccord Genuity Group raised 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. Roth Capital restated a “buy” rating on shares of Canopy Growth in a research report on Monday, February 13th. Finally, CIBC decreased their price target on Canopy Growth from C$2.50 to C$1.75 in a research report on Friday, February 10th. Six equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $4.53.

Canopy Growth Stock Performance

Canopy Growth stock opened at $2.24 on Friday. Canopy Growth Co. has a 12-month low of $2.09 and a 12-month high of $8.79. The company has a current ratio of 1.73, a quick ratio of 1.41 and a debt-to-equity ratio of 0.53. The business’s 50-day moving average price is $2.53 and its two-hundred day moving average price is $3.01.

Canopy Growth Profile

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Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.