Scotia Capital Inc. Sells 15,409 Shares of Canopy Growth Co. (NASDAQ:CGC)

Scotia Capital Inc. cut its position in Canopy Growth Co. (NASDAQ:CGC – Get Rating) by 15.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 81,571 shares of the company’s stock after selling 15,409 shares during the quarter. Scotia Capital Inc.’s holdings in Canopy Growth were worth $189,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Contrarius Investment Management Ltd bought a new position in shares of Canopy Growth in the third quarter worth $53,885,000. ETF Managers Group LLC grew its position in Canopy Growth by 39.6% during the third quarter. ETF Managers Group LLC now owns 10,963,644 shares of the company’s stock worth $29,931,000 after buying an additional 3,107,595 shares in the last quarter. Vanguard Group Inc. increased its stake in Canopy Growth by 26.3% in the 3rd quarter. Vanguard Group Inc. now owns 10,233,037 shares of the company’s stock worth $27,936,000 after acquiring an additional 2,133,358 shares during the last quarter. Two Sigma Advisers LP raised its holdings in shares of Canopy Growth by 148.4% in the 3rd quarter. Two Sigma Advisers LP now owns 2,874,400 shares of the company’s stock valued at $7,847,000 after acquiring an additional 1,717,300 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Canopy Growth by 59.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,616,192 shares of the company’s stock valued at $6,063,000 after acquiring an additional 980,324 shares during the last quarter. 15.82% of the stock is owned by institutional investors.

Canopy Growth Stock Up 3.8 %

CGC opened at $1.09 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.41 and a current ratio of 1.73. Canopy Growth Co. has a 1 year low of $1.02 and a 1 year high of $5.95. The stock’s 50 day simple moving average is $1.51 and its 200 day simple moving average is $2.37.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CGC. BMO Capital Markets raised shares of Canopy Growth from an “underperform” rating to a “market perform” rating in a report on Monday, May 1st. Alliance Global Partners reduced their target price on Canopy Growth from C$4.50 to C$3.50 in a research note on Thursday, February 9th. Sanford C. Bernstein raised Canopy Growth from an “underperform” rating to a “market perform” rating in a research note on Tuesday, April 4th. Roth Capital reiterated a “buy” rating on shares of Canopy Growth in a research report on Monday, February 13th. Finally, CIBC decreased their price objective on Canopy Growth from C$2.50 to C$1.75 in a report on Friday, February 10th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Canopy Growth has an average rating of “Hold” and a consensus price target of $4.39.

Canopy Growth Company 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.