Stratos Wealth Advisors LLC Purchases New Position in Canopy Growth Co. (NASDAQ:CGC)

Stratos Wealth Advisors LLC acquired a new stake in shares of Canopy Growth Co. (NASDAQ:CGC) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 20,106 shares of the company’s stock, valued at approximately $97,000.

Several other large investors have also recently bought and sold shares of CGC. Vontobel Holding Ltd. bought a new position in shares of Canopy Growth during the 3rd quarter valued at about $92,000. Mackenzie Financial Corp lifted its stake in Canopy Growth by 13.2% in the second quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock valued at $214,000 after buying an additional 3,864 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in shares of Canopy Growth by 168.6% in the second quarter. Squarepoint Ops LLC now owns 91,227 shares of the company’s stock valued at $588,000 after buying an additional 57,262 shares during the period. Insigneo Advisory Services LLC bought a new stake in shares of Canopy Growth during the second quarter worth $96,000. Finally, Farallon Capital Management LLC bought a new stake in Canopy Growth in the 2nd quarter valued at $194,000. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Performance

Shares of CGC stock opened at $5.04 on Thursday. The company has a quick ratio of 1.64, a current ratio of 2.15 and a debt-to-equity ratio of 1.05. Canopy Growth Co. has a 12 month low of $2.76 and a 12 month high of $14.92. The company’s fifty day simple moving average is $4.97 and its 200-day simple moving average is $6.90. The firm has a market cap of $384.04 million, a PE ratio of -0.79 and a beta of 0.86.

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

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their price target on Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.