Optimum Investment Advisors Purchases 850 Shares of Canopy Growth Corp (NYSE:CGC)

Optimum Investment Advisors boosted its position in Canopy Growth Corp (NYSE:CGC) by 55.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,396 shares of the marijuana producer’s stock after purchasing an additional 850 shares during the period. Optimum Investment Advisors’ holdings in Canopy Growth were worth $97,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Stone House Investment Management LLC bought a new stake in Canopy Growth in the first quarter worth about $25,000. Global Retirement Partners LLC lifted its stake in Canopy Growth by 524.0% in the first quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock worth $27,000 after purchasing an additional 524 shares during the last quarter. Private Capital Group LLC lifted its stake in Canopy Growth by 221.5% in the first quarter. Private Capital Group LLC now owns 643 shares of the marijuana producer’s stock worth $28,000 after purchasing an additional 443 shares during the last quarter. TCG Advisors LP bought a new stake in Canopy Growth in the first quarter worth about $28,000. Finally, Lee Financial Co lifted its stake in Canopy Growth by 884.1% in the first quarter. Lee Financial Co now owns 679 shares of the marijuana producer’s stock worth $29,000 after purchasing an additional 610 shares during the last quarter. 8.16% of the stock is owned by institutional investors and hedge funds.

Several brokerages have issued reports on CGC. Stifel Nicolaus reissued a “buy” rating on shares of Canopy Growth in a research note on Wednesday, July 3rd. LADENBURG THALM/SH SH began coverage on shares of Canopy Growth in a research note on Wednesday, July 17th. They issued a “buy” rating and a $50.00 price objective for the company. Compass Point began coverage on shares of Canopy Growth in a research note on Monday, June 10th. They issued a “neutral” rating and a $43.76 price objective for the company. Consumer Edge began coverage on shares of Canopy Growth in a research note on Friday, June 28th. They issued an “equal weight” rating for the company. Finally, Piper Jaffray Companies decreased their price objective on shares of Canopy Growth from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. Canopy Growth currently has a consensus rating of “Hold” and a consensus target price of $54.86.

Shares of NYSE:CGC traded up $0.04 during trading on Friday, reaching $32.90. 2,152,332 shares of the company were exchanged, compared to its average volume of 4,195,137. The company has a market capitalization of $11.17 billion, a price-to-earnings ratio of -20.69 and a beta of 3.63. The business’s fifty day simple moving average is $36.54. Canopy Growth Corp has a 12-month low of $24.46 and a 12-month high of $59.25. The company has a quick ratio of 11.49, a current ratio of 12.32 and a debt-to-equity ratio of 0.12.

Canopy Growth (NYSE:CGC) last issued its earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.50). The company had revenue of $70.74 million for the quarter, compared to analysts’ expectations of $71.06 million. Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%. On average, sell-side analysts expect that Canopy Growth Corp will post -0.9 EPS for the current fiscal year.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.

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Institutional Ownership by Quarter for Canopy Growth (NYSE:CGC)

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