Financial Advocates Investment Management Makes New Investment in Canopy Growth Co. (NASDAQ:CGC)

Financial Advocates Investment Management acquired a new stake in shares of Canopy Growth Co. (NASDAQ:CGC) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 11,773 shares of the company’s stock, valued at approximately $57,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. PFG Investments LLC acquired a new stake in shares of Canopy Growth in the 3rd quarter valued at $54,000. CIBC Asset Management Inc acquired a new position in shares of Canopy Growth during the second quarter worth approximately $91,000. Vontobel Holding Ltd. bought a new stake in Canopy Growth in the third quarter valued at approximately $92,000. Insigneo Advisory Services LLC bought a new stake in Canopy Growth in the second quarter valued at approximately $96,000. Finally, Genesee Capital Advisors LLC increased its position in shares of Canopy Growth by 15.3% during the second quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock worth $97,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Trading Up 13.0 %

Shares of Canopy Growth stock opened at $5.49 on Tuesday. The firm has a market capitalization of $515.31 million, a PE ratio of -0.78 and a beta of 0.87. The company has a current ratio of 2.15, a quick ratio of 1.64 and a debt-to-equity ratio of 1.05. The firm’s 50 day moving average is $4.71 and its 200 day moving average is $6.71. Canopy Growth Co. has a 1 year low of $2.76 and a 1 year high of $14.92.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.06). The firm had revenue of $48.39 million during the quarter, compared to analyst estimates of $51.82 million. Canopy Growth had a negative return on equity of 73.30% and a negative net margin of 240.19%. Equities research analysts forecast that Canopy Growth Co. will post -1.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their target price on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, July 9th.

Canopy Growth Company 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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.