SOA Wealth Advisors LLC. Acquires New Stake in Canopy Growth Co. (NASDAQ:CGC)

SOA Wealth Advisors LLC. acquired a new position in Canopy Growth Co. (NASDAQ:CGC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 586 shares of the company’s stock, valued at approximately $30,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Voloridge Investment Management LLC purchased a new position in shares of Canopy Growth in the fourth quarter worth $21,249,000. ETF Managers Group LLC increased its position in Canopy Growth by 12.9% in the fourth quarter. ETF Managers Group LLC now owns 2,955,631 shares of the company’s stock worth $72,827,000 after purchasing an additional 338,119 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new stake in shares of Canopy Growth during the 4th quarter valued at about $8,131,000. Credit Suisse AG lifted its stake in shares of Canopy Growth by 79.7% in the 4th quarter. Credit Suisse AG now owns 564,969 shares of the company’s stock valued at $13,920,000 after purchasing an additional 250,523 shares during the last quarter. Finally, LPL Financial LLC boosted its stake in Canopy Growth by 59.1% during the fourth quarter. LPL Financial LLC now owns 602,519 shares of the company’s stock worth $14,846,000 after buying an additional 223,736 shares during the period. Institutional investors own 10.18% of the company’s stock.

Several equities analysts recently commented on the stock. Cormark downgraded shares of Canopy Growth from a “market perform” rating to a “reduce” rating in a report on Wednesday, February 10th. Benchmark downgraded Canopy Growth from a “buy” rating to a “hold” rating in a report on Wednesday, February 10th. Canaccord Genuity cut Canopy Growth from a “hold” rating to a “sell” rating and boosted their price objective for the company from $25.00 to $32.00 in a report on Wednesday, February 10th. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “market perform” rating on shares of Canopy Growth in a research report on Wednesday, February 10th. Finally, Piper Sandler downgraded Canopy Growth from an “overweight” rating to a “neutral” rating and set a $27.00 target price for the company. in a research report on Friday, February 5th. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Canopy Growth currently has an average rating of “Hold” and an average price target of $33.91.

CGC stock opened at $28.99 on Friday. The stock has a market capitalization of $11.08 billion, a PE ratio of -8.68 and a beta of 2.44. Canopy Growth Co. has a 52 week low of $12.95 and a 52 week high of $56.50. The company has a quick ratio of 5.84, a current ratio of 7.06 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average of $33.28 and a 200 day moving average of $30.38.

Canopy Growth (NASDAQ:CGC) last issued its earnings results on Monday, February 8th. The company reported ($2.43) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($2.22). Canopy Growth had a negative net margin of 312.84% and a negative return on equity of 13.11%. The firm had revenue of $153.00 million during the quarter, compared to analysts’ expectations of $149.94 million. During the same quarter in the prior year, the company earned ($0.35) EPS. Canopy Growth’s quarterly revenue was up 23.4% on a year-over-year basis. On average, equities research analysts expect that Canopy Growth Co. will post -0.5 earnings per share for the current year.

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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