Contrarius Investment Management Ltd Takes Position in Canopy Growth Co. (NASDAQ:CGC)

Contrarius Investment Management Ltd acquired a new stake in Canopy Growth Co. (NASDAQ:CGC) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 2,120,828 shares of the company’s stock, valued at approximately $51,282,000. Canopy Growth makes up 2.5% of Contrarius Investment Management Ltd’s portfolio, making the stock its 14th biggest position.

Several other institutional investors have also recently added to or reduced their stakes in the company. 3D L Capital Management LLC increased its position in Canopy Growth by 2.0% during the 1st quarter. 3D L Capital Management LLC now owns 27,011 shares of the company’s stock valued at $865,000 after purchasing an additional 540 shares during the period. Sandy Spring Bank grew its position in shares of Canopy Growth by 73.8% during the 2nd quarter. Sandy Spring Bank now owns 1,361 shares of the company’s stock worth $33,000 after buying an additional 578 shares during the period. Jaffetilchin Investment Partners LLC grew its position in shares of Canopy Growth by 4.2% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 14,684 shares of the company’s stock worth $470,000 after buying an additional 589 shares during the period. Blair William & Co. IL grew its position in shares of Canopy Growth by 2.9% during the 1st quarter. Blair William & Co. IL now owns 22,239 shares of the company’s stock worth $712,000 after buying an additional 635 shares during the period. Finally, Capital Analysts LLC grew its position in shares of Canopy Growth by 140.0% during the 2nd quarter. Capital Analysts LLC now owns 1,123 shares of the company’s stock worth $27,000 after buying an additional 655 shares during the period. 14.24% of the stock is owned by institutional investors.

NASDAQ:CGC traded up $0.68 during trading hours on Monday, hitting $14.59. 113,640 shares of the company traded hands, compared to its average volume of 4,567,788. The company has a quick ratio of 8.84, a current ratio of 10.44 and a debt-to-equity ratio of 0.37. The firm’s 50-day simple moving average is $17.31 and its 200-day simple moving average is $23.23. Canopy Growth Co. has a one year low of $13.35 and a one year high of $56.50. The company has a market cap of $5.74 billion, a PE ratio of -5.13 and a beta of 2.05.

Canopy Growth (NASDAQ:CGC) last announced its earnings results on Thursday, August 5th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $1.02. Canopy Growth had a negative return on equity of 17.31% and a negative net margin of 200.71%. The firm had revenue of $136.21 million during the quarter, compared to analyst estimates of $151.29 million. During the same period last year, the firm posted ($0.30) EPS. The business’s revenue was up 23.4% compared to the same quarter last year. As a group, equities research analysts expect that Canopy Growth Co. will post -0.05 EPS for the current year.

Several brokerages have recently commented on CGC. CIBC reduced their price objective on shares of Canopy Growth from C$27.00 to C$22.00 and set a “neutral” rating for the company in a research report on Thursday. Zacks Investment Research raised shares of Canopy Growth from a “sell” rating to a “hold” rating in a research report on Monday, August 9th. Canaccord Genuity raised their price objective on shares of Canopy Growth from C$25.00 to C$30.00 and gave the stock a “hold” rating in a research report on Monday, August 9th. Jefferies Financial Group upgraded Canopy Growth from an “underperform” rating to a “hold” rating in a report on Wednesday, August 11th. Finally, Desjardins cut their target price on Canopy Growth from C$55.00 to C$35.00 and set a “hold” rating on the stock in a report on Thursday, June 3rd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Canopy Growth has an average rating of “Hold” and an average price target of $28.23.

Canopy Growth Company Profile

Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.

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

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