Brookstone Capital Management Has $236,000 Position in Canopy Growth Corp (NYSE:CGC)

Brookstone Capital Management lowered its holdings in Canopy Growth Corp (NYSE:CGC) by 11.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,277 shares of the marijuana producer’s stock after selling 1,307 shares during the quarter. Brookstone Capital Management’s holdings in Canopy Growth were worth $236,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Coastal Capital Group Inc. purchased a new position in Canopy Growth during the 2nd quarter worth $26,000. Manchester Financial Inc. purchased a new position in Canopy Growth during the 2nd quarter worth $35,000. Westside Investment Management Inc. purchased a new position in Canopy Growth during the 2nd quarter worth $28,518,000. Huntington National Bank boosted its holdings in Canopy Growth by 199.7% during the 2nd quarter. Huntington National Bank now owns 899 shares of the marijuana producer’s stock worth $36,000 after acquiring an additional 599 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC purchased a new position in Canopy Growth during the 2nd quarter worth $39,000. 9.23% of the stock is owned by institutional investors and hedge funds.

CGC has been the topic of a number of analyst reports. Bryan, Garnier & Co downgraded shares of Canopy Growth from a “buy” rating to a “neutral” rating in a report on Friday, July 5th. Consumer Edge began coverage on Canopy Growth in a research note on Friday, June 28th. They set an “equal weight” rating on the stock. Stifel Nicolaus reiterated a “buy” rating and set a $44.00 target price (down from $50.00) on shares of Canopy Growth in a research note on Friday, August 16th. Jefferies Financial Group cut Canopy Growth from a “hold” rating to an “underperform” rating and set a $25.00 target price on the stock. in a research note on Friday, October 11th. Finally, Bank of America cut Canopy Growth from a “buy” rating to a “neutral” rating and set a $27.00 target price on the stock. in a research note on Friday, September 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $47.03.

NYSE CGC opened at $21.15 on Wednesday. The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of -13.30 and a beta of 3.77. Canopy Growth Corp has a one year low of $17.89 and a one year high of $52.74. The company has a debt-to-equity ratio of 0.13, a current ratio of 10.37 and a quick ratio of 9.03. The business’s fifty day moving average is $23.78 and its 200-day moving average is $35.29.

Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.06. Canopy Growth had a negative return on equity of 13.01% and a negative net margin of 647.47%. The business had revenue of $67.65 million for the quarter, compared to analysts’ expectations of $85.97 million. Research analysts expect that Canopy Growth Corp will post -1 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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