Canopy Growth (NASDAQ:CGC) Cut to Strong Sell at Atb Cap Markets

Atb Cap Markets lowered shares of Canopy Growth (NASDAQ:CGC) from a hold rating to a strong sell rating in a report issued on Monday morning,Zacks.com reports.

Canopy Growth Stock Down 7.2 %

CGC opened at $2.83 on Monday. The firm has a market capitalization of $308.31 million, a P/E ratio of -0.57 and a beta of 0.83. Canopy Growth has a one year low of $2.76 and a one year high of $14.92. The company has a fifty day moving average price of $4.11 and a 200-day moving average price of $5.44. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.39 and a quick ratio of 1.07.

Hedge Funds Weigh In On Canopy Growth

Several institutional investors and hedge funds have recently made changes to their positions in CGC. Commonwealth Equity Services LLC grew its stake in shares of Canopy Growth by 19.9% in the second quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company’s stock worth $358,000 after purchasing an additional 9,226 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in shares of Canopy Growth during the second quarter valued at approximately $91,000. TD Asset Management Inc increased its holdings in shares of Canopy Growth by 16.1% in the 2nd quarter. TD Asset Management Inc now owns 74,758 shares of the company’s stock worth $483,000 after purchasing an additional 10,376 shares in the last quarter. Headlands Technologies LLC raised its position in Canopy Growth by 36,747.5% in the 2nd quarter. Headlands Technologies LLC now owns 117,912 shares of the company’s stock worth $761,000 after buying an additional 117,592 shares during the last quarter. Finally, AdvisorShares Investments LLC raised its holdings in shares of Canopy Growth by 86.7% during the second quarter. AdvisorShares Investments LLC now owns 68,922 shares of the company’s stock valued at $440,000 after purchasing an additional 32,000 shares during the last quarter. Institutional investors own 3.33% of the company’s stock.

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