Traders Buy Shares of Canopy Growth (CGC) on Weakness

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Traders purchased shares of Canopy Growth Corp (NYSE:CGC) on weakness during trading on Thursday. $97.15 million flowed into the stock on the tick-up and $91.68 million flowed out of the stock on the tick-down, for a money net flow of $5.47 million into the stock. Of all stocks tracked, Canopy Growth had the 33rd highest net in-flow for the day. Canopy Growth traded down ($0.83) for the day and closed at $46.04

CGC has been the topic of a number of research analyst reports. CIBC initiated coverage on Canopy Growth in a research note on Friday, January 18th. They issued an “outperform” rating on the stock. GMP Securities lowered Canopy Growth from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Piper Jaffray Companies set a $60.00 price target on Canopy Growth and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Jefferies Financial Group initiated coverage on Canopy Growth in a research note on Monday, February 25th. They issued a “hold” rating on the stock. Finally, Seaport Global Securities initiated coverage on Canopy Growth in a research note on Thursday, February 21st. They issued a “neutral” rating and a $46.27 price target on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $49.32.

The firm has a market capitalization of $15.69 billion, a P/E ratio of -143.88 and a beta of 4.29. The company has a quick ratio of 17.12, a current ratio of 17.85 and a debt-to-equity ratio of 0.10.

Several institutional investors have recently added to or reduced their stakes in CGC. North Star Investment Management Corp. purchased a new position in shares of Canopy Growth in the 4th quarter worth about $26,000. Cypress Capital Management LLC WY purchased a new position in shares of Canopy Growth in the 4th quarter worth about $27,000. Next Capital Management LLC purchased a new position in shares of Canopy Growth in the 4th quarter worth about $27,000. Gradient Investments LLC raised its holdings in shares of Canopy Growth by 29.2% in the 4th quarter. Gradient Investments LLC now owns 1,063 shares of the marijuana producer’s stock worth $29,000 after purchasing an additional 240 shares during the period. Finally, Westside Investment Management Inc. raised its holdings in shares of Canopy Growth by 800.0% in the 4th quarter. Westside Investment Management Inc. now owns 900 shares of the marijuana producer’s stock worth $34,000 after purchasing an additional 800 shares during the period. Institutional investors own 11.83% of the company’s stock.

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About Canopy Growth (NYSE:CGC)

Canopy Growth Corp. engages in the production and sale of medical cannabis. The company offers products including oils and concentrates, soft gel capsules, and hemp. It focuses on the treatment of chronic pain, seizures, muscle spasms, nausea, and loss of appetite. The company was founded by Bruce Linton on August 5, 2009 and is headquartered in Smith Falls, Canada.

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