Squarepoint Ops LLC Boosts Position in Canopy Growth Co. (NASDAQ:CGC)

Squarepoint Ops LLC lifted its position in Canopy Growth Co. (NASDAQ:CGC) by 168.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 91,227 shares of the company’s stock after purchasing an additional 57,262 shares during the quarter. Squarepoint Ops LLC owned about 0.11% of Canopy Growth worth $588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. CIBC Asset Management Inc acquired a new position in Canopy Growth in the 2nd quarter valued at about $91,000. Insigneo Advisory Services LLC purchased a new position in Canopy Growth in the second quarter worth approximately $96,000. Genesee Capital Advisors LLC lifted its stake in shares of Canopy Growth by 15.3% in the 2nd quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock valued at $97,000 after purchasing an additional 2,000 shares during the last quarter. Farallon Capital Management LLC purchased a new position in shares of Canopy Growth during the 2nd quarter worth $194,000. Finally, PCG Wealth Advisors LLC increased its position in shares of Canopy Growth by 73.6% during the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after purchasing an additional 13,300 shares during the last quarter. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on CGC shares. Piper Sandler lowered their target price on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Atb Cap Markets raised shares of Canopy Growth to a “hold” rating in a research report on Monday, June 17th.

Canopy Growth Price Performance

CGC opened at $4.09 on Wednesday. The stock’s 50-day moving average price is $5.51 and its 200 day moving average price is $7.24. Canopy Growth Co. has a 12-month low of $2.76 and a 12-month high of $14.92. The firm has a market cap of $359.39 million, a price-to-earnings ratio of -0.64 and a beta of 0.86. The company has a current ratio of 2.15, a quick ratio of 1.64 and a debt-to-equity ratio of 1.05.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.06). The business had revenue of $48.39 million for the quarter, compared to analyst estimates of $51.82 million. Canopy Growth had a negative return on equity of 73.30% and a negative net margin of 240.19%. As a group, sell-side analysts expect that Canopy Growth Co. will post -1.42 earnings per share for the current year.

Canopy Growth Company 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.