ETF Managers Group LLC Boosts Stock Position in Canopy Growth Co. (NASDAQ:CGC)

ETF Managers Group LLC lifted its holdings in Canopy Growth Co. (NASDAQ:CGC – Get Rating) by 10.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,052,662 shares of the company’s stock after purchasing an additional 586,900 shares during the quarter. Canopy Growth accounts for approximately 1.1% of ETF Managers Group LLC’s investment portfolio, making the stock its 17th largest position. ETF Managers Group LLC’s holdings in Canopy Growth were worth $54,111,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Cetera Investment Advisers grew its holdings in shares of Canopy Growth by 9.3% in the third quarter. Cetera Investment Advisers now owns 10,043 shares of the company’s stock valued at $139,000 after purchasing an additional 854 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in Canopy Growth by 19.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 7,722 shares of the company’s stock worth $67,000 after buying an additional 1,245 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in Canopy Growth by 8.2% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 18,005 shares of the company’s stock worth $158,000 after buying an additional 1,360 shares during the period. Liberty Wealth Management LLC purchased a new position in Canopy Growth during the third quarter worth $29,000. Finally, Wells Fargo & Company MN boosted its stake in Canopy Growth by 7.6% during the second quarter. Wells Fargo & Company MN now owns 29,817 shares of the company’s stock worth $721,000 after buying an additional 2,107 shares during the period. 16.59% of the stock is owned by hedge funds and other institutional investors.

CGC traded up $0.52 on Thursday, hitting $5.55. The company had a trading volume of 6,028,419 shares, compared to its average volume of 7,296,115. The stock has a fifty day moving average price of $6.38 and a 200-day moving average price of $8.11. Canopy Growth Co. has a 12-month low of $4.70 and a 12-month high of $26.96. The company has a debt-to-equity ratio of 0.36, a quick ratio of 6.78 and a current ratio of 8.31. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of -5.30 and a beta of 1.98.

Several research analysts have commented on CGC shares. Cantor Fitzgerald lifted their price objective on shares of Canopy Growth from C$9.60 to C$11.00 and gave the stock a “neutral” rating in a research note on Friday, February 18th. Barclays lowered shares of Canopy Growth from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, March 22nd. Alliance Global Partners dropped their price objective on shares of Canopy Growth from C$11.00 to C$8.00 in a research note on Friday, May 20th. Canaccord Genuity Group decreased their target price on Canopy Growth from C$12.00 to C$10.00 in a research report on Thursday, February 10th. Finally, Zacks Investment Research downgraded Canopy Growth from a “buy” rating to a “hold” rating in a research report on Tuesday. Seven investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Sell” and a consensus target price of $13.72.

Canopy Growth Profile (Get Rating)

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.

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