Vontobel Holding Ltd. Takes Position in Canopy Growth Co. (NASDAQ:CGC)

Vontobel Holding Ltd. bought a new stake in Canopy Growth Co. (NASDAQ:CGC) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 19,200 shares of the company’s stock, valued at approximately $92,000.

Several other hedge funds have also bought and sold shares of the company. Mackenzie Financial Corp lifted its position in Canopy Growth by 13.2% during the second quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock worth $214,000 after acquiring an additional 3,864 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in Canopy Growth by 168.6% during the 2nd quarter. Squarepoint Ops LLC now owns 91,227 shares of the company’s stock worth $588,000 after purchasing an additional 57,262 shares during the last quarter. Insigneo Advisory Services LLC bought a new stake in Canopy Growth in the 2nd quarter valued at $96,000. Farallon Capital Management LLC acquired a new position in Canopy Growth in the 2nd quarter valued at $194,000. Finally, AdvisorShares Investments LLC increased its position in Canopy Growth by 86.7% during the 2nd quarter. AdvisorShares Investments LLC now owns 68,922 shares of the company’s stock worth $440,000 after buying an additional 32,000 shares during the period. 3.33% of the stock is currently owned by institutional investors and hedge funds.

Canopy Growth Trading Up 1.2 %

CGC opened at $5.04 on Thursday. Canopy Growth Co. has a twelve month low of $2.76 and a twelve month high of $14.92. The company has a fifty day moving average of $4.97 and a 200-day moving average of $6.90. The stock has a market cap of $384.04 million, a PE ratio of -0.79 and a beta of 0.86. 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 (NASDAQ:CGC) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.37) 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 firm had revenue of $48.39 million during the quarter, compared to analyst estimates of $51.82 million. On average, sell-side analysts predict that Canopy Growth Co. will post -1.42 EPS for the current year.

Analysts Set New Price Targets

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

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.