Merlin Capital LLC Invests $1.49 Million in Canopy Growth Co. (NASDAQ:CGC)

Merlin Capital LLC acquired a new position in Canopy Growth Co. (NASDAQ:CGC) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 520,882 shares of the company’s stock, valued at approximately $1,485,000. Canopy Growth comprises about 2.6% of Merlin Capital LLC’s holdings, making the stock its 9th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in Canopy Growth during the first quarter worth $202,000. First Republic Investment Management Inc. acquired a new stake in Canopy Growth during the second quarter worth $31,000. Prudential Financial Inc. acquired a new stake in Canopy Growth during the first quarter worth $91,000. ExodusPoint Capital Management LP acquired a new stake in Canopy Growth during the second quarter worth $50,000. Finally, Psagot Value Holdings Ltd. Israel acquired a new stake in Canopy Growth during the first quarter worth $32,000. Institutional investors and hedge funds own 12.80% of the company’s stock.

Canopy Growth Stock Performance

Canopy Growth stock opened at $0.54 on Thursday. The stock has a market capitalization of $450.11 million, a price-to-earnings ratio of -0.32 and a beta of 1.64. Canopy Growth Co. has a 12-month low of $0.35 and a 12-month high of $4.77. The company has a quick ratio of 2.07, a current ratio of 2.52 and a debt-to-equity ratio of 0.84. The stock has a 50-day simple moving average of $0.75 and a 200 day simple moving average of $0.69.

Wall Street Analysts Forecast Growth

Separately, Bank of America lifted their price target on shares of Canopy Growth from $0.56 to $0.66 and gave the stock an “underperform” rating in a research note on Friday, September 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, Canopy Growth currently has a consensus rating of “Hold” and a consensus price target of $2.02.

Insiders Place Their Bets

In other Canopy Growth news, Director David Angelo Lazzarato sold 38,963 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $0.71, for a total transaction of $27,663.73. Following the completion of the sale, the director now directly owns 246,064 shares of the company’s stock, valued at approximately $174,705.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.32% of the company’s stock.

About Canopy Growth

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.