Lord Abbett & CO. LLC Sells 67,216 Shares of Canopy Growth Co. (NASDAQ:CGC)

Lord Abbett & CO. LLC reduced its position in Canopy Growth Co. (NASDAQ:CGC) by 11.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 495,344 shares of the company’s stock after selling 67,216 shares during the quarter. Lord Abbett & CO. LLC owned about 0.49% of Canopy Growth worth $4,275,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Genesee Capital Advisors LLC boosted its stake in shares of Canopy Growth by 29.9% in the 1st quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock valued at $113,000 after purchasing an additional 3,000 shares in the last quarter. PCG Wealth Advisors LLC boosted its stake in shares of Canopy Growth by 73.6% in the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock valued at $271,000 after purchasing an additional 13,300 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Canopy Growth in the 1st quarter valued at approximately $289,000. Gainplan LLC acquired a new stake in shares of Canopy Growth in the 1st quarter valued at approximately $302,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Canopy Growth in the 1st quarter valued at approximately $740,000. 3.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CGC. Piper Sandler cut their target price on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th. Atb Cap Markets upgraded shares of Canopy Growth to a “hold” rating in a research report on Monday, June 17th.

Canopy Growth Trading Down 1.2 %

NASDAQ:CGC traded down $0.09 during mid-day trading on Friday, hitting $7.13. 2,220,371 shares of the company’s stock were exchanged, compared to its average volume of 9,588,914. The firm has a market capitalization of $543.31 million, a P/E ratio of -1.13 and a beta of 0.93. Canopy Growth Co. has a fifty-two week low of $2.76 and a fifty-two week high of $19.20. The company has a current ratio of 1.58, a quick ratio of 1.25 and a debt-to-equity ratio of 0.99. The company has a 50 day simple moving average of $7.75 and a 200-day simple moving average of $6.50.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. The firm had revenue of $53.99 million for the quarter, compared to the consensus estimate of $52.71 million. Canopy Growth had a negative net margin of 185.77% and a negative return on equity of 62.67%. As a group, research analysts expect that Canopy Growth Co. will post -1.07 earnings per share for the current year.

Insider Transactions at Canopy Growth

In other news, Director Willy Kruh sold 3,738 shares of Canopy Growth stock in a transaction on Monday, June 10th. The shares were sold at an average price of $9.94, for a total value of $37,155.72. Following the completion of the sale, the director now owns 17,295 shares in the company, valued at approximately $171,912.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have sold 7,545 shares of company stock worth $67,997. Company insiders own 0.35% of the company’s stock.

About Canopy Growth

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.