Beech Hill Advisors Inc. Sells 3,810 Shares of Canopy Growth Corp (NYSE:CGC)

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Beech Hill Advisors Inc. decreased its position in Canopy Growth Corp (NYSE:CGC) by 16.3% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 19,610 shares of the marijuana producer’s stock after selling 3,810 shares during the period. Beech Hill Advisors Inc.’s holdings in Canopy Growth were worth $450,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Canopy Growth by 9.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,437 shares of the marijuana producer’s stock valued at $1,042,000 after acquiring an additional 3,991 shares in the last quarter. Wedbush Securities Inc. raised its stake in shares of Canopy Growth by 7.9% during the 3rd quarter. Wedbush Securities Inc. now owns 31,964 shares of the marijuana producer’s stock worth $733,000 after purchasing an additional 2,350 shares in the last quarter. TCI Wealth Advisors Inc. raised its stake in shares of Canopy Growth by 653.6% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 2,306 shares of the marijuana producer’s stock worth $52,000 after purchasing an additional 2,000 shares in the last quarter. Wealthcare Advisory Partners LLC raised its stake in shares of Canopy Growth by 106.2% during the 3rd quarter. Wealthcare Advisory Partners LLC now owns 9,599 shares of the marijuana producer’s stock worth $220,000 after purchasing an additional 4,943 shares in the last quarter. Finally, Winslow Evans & Crocker Inc. raised its stake in shares of Canopy Growth by 15.6% during the 3rd quarter. Winslow Evans & Crocker Inc. now owns 7,416 shares of the marijuana producer’s stock worth $172,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 9.27% of the company’s stock.

CGC opened at $20.21 on Friday. Canopy Growth Corp has a 1-year low of $17.89 and a 1-year high of $52.74. The stock’s fifty day simple moving average is $24.04 and its 200 day simple moving average is $35.75. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.03 and a current ratio of 10.37.

Canopy Growth (NYSE:CGC) last posted its quarterly earnings results on Wednesday, August 14th. The marijuana producer reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.06. Canopy Growth had a negative return on equity of 13.01% and a negative net margin of 647.47%. The business had revenue of $67.65 million for the quarter, compared to analysts’ expectations of $85.97 million. As a group, research analysts expect that Canopy Growth Corp will post -1 earnings per share for the current fiscal year.

A number of equities research analysts have recently issued reports on the company. Consumer Edge assumed coverage on Canopy Growth in a research note on Friday, June 28th. They set an “equal weight” rating on the stock. Desjardins reiterated a “hold” rating on shares of Canopy Growth in a research note on Friday, August 16th. LADENBURG THALM/SH SH assumed coverage on Canopy Growth in a research note on Wednesday, July 17th. They set a “buy” rating and a $50.00 price objective on the stock. Bank of America cut Canopy Growth from a “buy” rating to a “neutral” rating and set a $27.00 price objective on the stock. in a research note on Friday, September 27th. Finally, Bryan, Garnier & Co cut Canopy Growth from a “buy” rating to a “neutral” rating in a research note on Friday, July 5th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $47.39.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.

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

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