Royal Bank of Canada Boosts Holdings in Canopy Growth Corporation $CGC

Royal Bank of Canada raised its position in Canopy Growth Corporation (NASDAQ:CGC) by 1,115.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 975,967 shares of the company’s stock after acquiring an additional 895,680 shares during the quarter. Royal Bank of Canada’s holdings in Canopy Growth were worth $927,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Two Sigma Securities LLC lifted its stake in shares of Canopy Growth by 4.4% in the 2nd quarter. Two Sigma Securities LLC now owns 280,852 shares of the company’s stock worth $343,000 after acquiring an additional 11,942 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Canopy Growth by 23.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company’s stock worth $84,000 after acquiring an additional 13,814 shares during the period. Boothbay Fund Management LLC acquired a new position in shares of Canopy Growth during the second quarter worth about $30,000. Mackenzie Financial Corp increased its stake in shares of Canopy Growth by 33.1% during the third quarter. Mackenzie Financial Corp now owns 111,945 shares of the company’s stock worth $163,000 after acquiring an additional 27,823 shares during the period. Finally, PCG Wealth Advisors LLC purchased a new position in Canopy Growth during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Insider Transactions at Canopy Growth

In related news, CEO Luc Mongeau sold 135,231 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $131,174.07. Following the sale, the chief executive officer owned 1,723,913 shares of the company’s stock, valued at approximately $1,672,195.61. The trade was a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christelle Gedeon sold 58,994 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $57,224.18. Following the transaction, the insider owned 705,506 shares in the company, valued at $684,340.82. The trade was a 7.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 224,958 shares of company stock valued at $217,137 in the last quarter. Insiders own 0.35% of the company’s stock.

Canopy Growth Price Performance

Canopy Growth stock opened at $1.05 on Friday. Canopy Growth Corporation has a one year low of $0.84 and a one year high of $2.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.39 and a current ratio of 3.04. The business has a fifty day moving average of $0.96 and a two-hundred day moving average of $1.03. The company has a market cap of $470.84 million, a P/E ratio of -2.33 and a beta of 0.81.

Canopy Growth (NASDAQ:CGC) last issued its earnings results on Friday, August 7th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. Canopy Growth had a negative net margin of 65.33% and a negative return on equity of 21.91%. The company had revenue of $142.62 million for the quarter, compared to analyst estimates of $58.21 million. As a group, analysts predict that Canopy Growth Corporation will post -0.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings cut Canopy Growth from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Canopy Growth Company Profile

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.