D. E. Shaw & Co. Inc. Has $43.43 Million Position in Canopy Growth Co. (NASDAQ:CGC)

D. E. Shaw & Co. Inc. reduced its holdings in Canopy Growth Co. (NASDAQ:CGC) by 7.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,355,925 shares of the company’s stock after selling 115,093 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.35% of Canopy Growth worth $43,430,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CGC. Morgan Stanley boosted its holdings in Canopy Growth by 25.3% during the first quarter. Morgan Stanley now owns 2,001,560 shares of the company’s stock valued at $64,110,000 after purchasing an additional 403,932 shares in the last quarter. Bank of Nova Scotia raised its stake in shares of Canopy Growth by 1.3% in the first quarter. Bank of Nova Scotia now owns 1,809,895 shares of the company’s stock valued at $58,114,000 after acquiring an additional 22,436 shares during the last quarter. CIBC World Markets Inc. raised its stake in shares of Canopy Growth by 144.9% in the first quarter. CIBC World Markets Inc. now owns 1,339,227 shares of the company’s stock valued at $42,895,000 after acquiring an additional 792,492 shares during the last quarter. AdvisorShares Investments LLC raised its stake in shares of Canopy Growth by 432.9% in the first quarter. AdvisorShares Investments LLC now owns 945,519 shares of the company’s stock valued at $30,285,000 after acquiring an additional 768,094 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of Canopy Growth by 1.5% in the first quarter. Swiss National Bank now owns 906,100 shares of the company’s stock valued at $29,087,000 after acquiring an additional 13,800 shares during the last quarter. 12.69% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have recently issued reports on the stock. Piper Sandler cut their target price on shares of Canopy Growth from $27.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, July 8th. TheStreet cut shares of Canopy Growth from a “c-” rating to a “d” rating in a research note on Tuesday, June 1st. Eight Capital upgraded shares of Canopy Growth from a “sell” rating to a “neutral” rating in a research note on Wednesday, June 2nd. Alliance Global Partners reiterated a “neutral” rating and issued a $32.00 target price (down previously from $40.00) on shares of Canopy Growth in a research note on Tuesday, June 1st. Finally, CIBC dropped their price objective on shares of Canopy Growth from C$38.00 to C$36.00 and set a “neutral” rating for the company in a research report on Wednesday, June 2nd. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Canopy Growth currently has an average rating of “Hold” and an average price target of $31.11.

Shares of Canopy Growth stock opened at $20.24 on Thursday. The company’s fifty day simple moving average is $23.48. The company has a market cap of $7.96 billion, a PE ratio of -5.66 and a beta of 2.10. Canopy Growth Co. has a 52 week low of $13.83 and a 52 week high of $56.50. The company has a quick ratio of 8.69, a current ratio of 9.98 and a debt-to-equity ratio of 0.45.

Canopy Growth (NASDAQ:CGC) last issued its earnings results on Monday, May 31st. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.67). Canopy Growth had a negative net margin of 311.30% and a negative return on equity of 18.67%. The business had revenue of $167.40 million for the quarter, compared to the consensus estimate of $149.97 million. During the same quarter in the previous year, the firm posted ($3.72) EPS. The business’s revenue was up 45.4% on a year-over-year basis. On average, research analysts forecast that Canopy Growth Co. will post -0.6 earnings per share for the current fiscal year.

Canopy Growth Profile

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.

Further Reading: How is diluted EPS different from basic EPS?

Want to see what other hedge funds are holding CGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canopy Growth Co. (NASDAQ:CGC).

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

Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.