Westside Investment Management Inc. Decreases Stock Holdings in Canopy Growth Co. (NASDAQ:CGC)


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Westside Investment Management Inc. reduced its position in Canopy Growth Co. (NASDAQ:CGC) by 31.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,900 shares of the company’s stock after selling 1,300 shares during the quarter. Westside Investment Management Inc.’s holdings in Canopy Growth were worth $48,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in CGC. Amundi Pioneer Asset Management Inc. increased its position in Canopy Growth by 6.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the company’s stock worth $1,577,000 after buying an additional 2,296 shares during the last quarter. Morgan Stanley increased its position in Canopy Growth by 10.6% in the third quarter. Morgan Stanley now owns 1,525,288 shares of the company’s stock worth $21,842,000 after buying an additional 146,332 shares during the last quarter. Point72 Asset Management L.P. increased its position in Canopy Growth by 834.0% in the third quarter. Point72 Asset Management L.P. now owns 123,100 shares of the company’s stock worth $1,763,000 after buying an additional 109,920 shares during the last quarter. Great West Life Assurance Co. Can increased its position in Canopy Growth by 5.5% in the third quarter. Great West Life Assurance Co. Can now owns 185,099 shares of the company’s stock worth $2,643,000 after buying an additional 9,578 shares during the last quarter. Finally, Chiron Capital Management LLC purchased a new stake in Canopy Growth in the third quarter worth $262,000. 10.18% of the stock is owned by institutional investors and hedge funds.

CGC stock traded up $0.05 during midday trading on Friday, hitting $27.47. The company’s stock had a trading volume of 88,969 shares, compared to its average volume of 6,426,231. The company has a market cap of $10.50 billion, a PE ratio of -8.21 and a beta of 2.44. Canopy Growth Co. has a 12 month low of $12.95 and a 12 month high of $56.50. The company has a current ratio of 7.06, a quick ratio of 5.84 and a debt-to-equity ratio of 0.10. The firm’s 50-day moving average is $32.19 and its 200-day moving average is $30.51.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings data on Monday, February 8th. The company reported ($2.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.22). The business had revenue of $153.00 million during the quarter, compared to the consensus estimate of $149.94 million. Canopy Growth had a negative net margin of 312.84% and a negative return on equity of 13.11%. The business’s revenue was up 23.4% compared to the same quarter last year. During the same period last year, the company posted ($0.35) earnings per share. Analysts expect that Canopy Growth Co. will post -0.5 earnings per share for the current year.

A number of research firms have recently commented on CGC. Piper Sandler lowered Canopy Growth from an “overweight” rating to a “neutral” rating and set a $27.00 price target for the company. in a report on Friday, February 5th. Cormark lowered Canopy Growth from a “market perform” rating to a “reduce” rating in a report on Wednesday, February 10th. Alliance Global Partners cut their price target on Canopy Growth from $60.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, April 8th. Benchmark lowered Canopy Growth from a “buy” rating to a “hold” rating in a research note on Wednesday, February 10th. Finally, Jefferies Financial Group lowered Canopy Growth from a “hold” rating to an “underperform” rating in a research note on Wednesday, February 24th. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $33.91.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.

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

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