Canopy Growth Co. (NASDAQ:CGC) Position Cut by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lowered its position in shares of Canopy Growth Co. (NASDAQ:CGC) by 93.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 215,817 shares of the company’s stock after selling 3,319,714 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.26% of Canopy Growth worth $1,106,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CGC. Lord Abbett & CO. LLC acquired a new position in shares of Canopy Growth during the third quarter valued at $18,140,000. Commonwealth Equity Services LLC increased its stake in Canopy Growth by 83.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company’s stock valued at $426,000 after buying an additional 247,407 shares during the period. TD Asset Management Inc raised its position in shares of Canopy Growth by 26.2% during the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock worth $298,000 after buying an additional 79,639 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Canopy Growth by 30.7% in the 3rd quarter. Mackenzie Financial Corp now owns 173,330 shares of the company’s stock worth $136,000 after acquiring an additional 40,675 shares during the period. Finally, Legacy Capital Wealth Partners LLC bought a new position in shares of Canopy Growth in the third quarter valued at approximately $106,000. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Stock Performance

CGC opened at $7.85 on Tuesday. The business has a fifty day simple moving average of $5.56 and a 200-day simple moving average of $5.44. The firm has a market cap of $715.29 million, a PE ratio of -0.52 and a beta of 1.37. The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96. Canopy Growth Co. has a fifty-two week low of $2.76 and a fifty-two week high of $19.20.

Canopy Growth (NASDAQ:CGC) last posted its quarterly earnings data on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($1.34). Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. The company had revenue of $57.67 million for the quarter, compared to analyst estimates of $53.25 million. As a group, equities analysts predict that Canopy Growth Co. will post -6.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CGC shares. Piper Sandler cut their target price on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research report on Monday, February 12th. Sanford C. Bernstein lifted their target price on Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st.

Canopy Growth Profile

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.