Farallon Capital Management LLC Invests $194,000 in Canopy Growth Co. (NASDAQ:CGC)

Farallon Capital Management LLC bought a new position in Canopy Growth Co. (NASDAQ:CGC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 30,000 shares of the company’s stock, valued at approximately $194,000.

Other large investors have also made changes to their positions in the company. CIBC Asset Management Inc bought a new stake in shares of Canopy Growth in the 2nd quarter worth about $91,000. Genesee Capital Advisors LLC grew its holdings in Canopy Growth by 15.3% during the 2nd quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock worth $97,000 after acquiring an additional 2,000 shares during the last quarter. PCG Wealth Advisors LLC grew its holdings in 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 acquiring an additional 13,300 shares during the last quarter. Concurrent Investment Advisors LLC bought a new stake in Canopy Growth during the 1st quarter worth about $289,000. Finally, Gainplan LLC bought a new stake in Canopy Growth during the 1st quarter worth about $302,000. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Performance

Canopy Growth stock opened at $4.57 on Tuesday. 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 Co. has a 1 year low of $2.76 and a 1 year high of $14.92. The company has a market cap of $348.22 million, a PE ratio of -0.72 and a beta of 0.87. The company’s 50-day moving average is $6.16 and its two-hundred day moving average is $7.15.

Canopy Growth (NASDAQ:CGC) last released its earnings results on Friday, August 9th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $48.39 million for the quarter, compared to analyst estimates of $51.82 million. Equities analysts anticipate that Canopy Growth Co. will post -1.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CGC shares. Piper Sandler decreased their price objective on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, July 9th. Atb Cap Markets raised shares of Canopy Growth to a “hold” rating in a report on Monday, June 17th.

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.