1,807,986 Shares in Canopy Growth Corporation $CGC Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC acquired a new stake in Canopy Growth Corporation (NASDAQ:CGC) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,807,986 shares of the company’s stock, valued at approximately $1,716,000. Lazard Asset Management LLC owned 0.45% of Canopy Growth as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in shares of Canopy Growth by 31.5% in the 2nd quarter. Tidal Investments LLC now owns 5,033,793 shares of the company’s stock worth $6,141,000 after purchasing an additional 1,204,530 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Canopy Growth by 723.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,595,330 shares of the company’s stock valued at $5,239,000 after purchasing an additional 4,037,281 shares in the last quarter. Millennium Management LLC increased its stake in Canopy Growth by 196.9% during the 3rd quarter. Millennium Management LLC now owns 3,137,696 shares of the company’s stock valued at $4,579,000 after purchasing an additional 2,080,994 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Canopy Growth by 19,571.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company’s stock worth $2,305,000 after buying an additional 2,011,917 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new position in Canopy Growth during the third quarter worth $1,767,000. Institutional investors own 3.33% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Luc Mongeau sold 135,231 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total transaction of $131,174.07. Following the transaction, the chief executive officer directly owned 1,723,913 shares in the company, valued at approximately $1,672,195.61. The trade was a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christelle Gedeon sold 58,994 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total transaction of $57,224.18. Following the completion of the sale, the insider directly owned 705,506 shares of the company’s stock, valued at $684,340.82. The trade was a 7.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 224,958 shares of company stock worth $217,137 over the last ninety days. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Canopy Growth from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Canopy Growth Stock Up 4.4%

CGC stock opened at $0.96 on Tuesday. Canopy Growth Corporation has a twelve month low of $0.84 and a twelve month high of $2.38. The company has a quick ratio of 2.64, a current ratio of 3.34 and a debt-to-equity ratio of 0.31. The stock’s 50 day moving average is $0.97 and its 200-day moving average is $1.05. The firm has a market capitalization of $429.45 million, a PE ratio of -1.62 and a beta of 0.81.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Monday, June 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The company had revenue of $51.22 million for the quarter, compared to the consensus estimate of $53.43 million. Canopy Growth had a negative return on equity of 26.95% and a negative net margin of 75.27%. Sell-side analysts expect that Canopy Growth Corporation will post -0.11 EPS for the current fiscal year.

About Canopy Growth

Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.

The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.