Leonteq Securities AG Sells 3,500,067 Shares of Canopy Growth Corporation $CGC

Key Points

• Leonteq Securities AG slashed its Canopy Growth stake by 97.9% in Q1, selling 3,500,067 shares and leaving it with 75,089 shares worth about $71,000.
• Several other institutions moved in the opposite direction, with some sharply increasing their Canopy Growth positions; overall, institutional investors own about 3.33% of the stock.
• Canopy Growth also saw notable insider selling, while the company reported a wider-than-expected loss last quarter and shares traded near their 52-week low at $0.95.

Leonteq Securities AG decreased its holdings in Canopy Growth Corporation (NASDAQ:CGC - Free Report) by 97.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,089 shares of the company's stock after selling 3,500,067 shares during the quarter. Leonteq Securities AG's holdings in Canopy Growth were worth $71,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CGC. Northwestern Mutual Wealth Management Co. raised its position in Canopy Growth by 19,571.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,022,197 shares of the company's stock worth $2,305,000 after acquiring an additional 2,011,917 shares during the period. Sullivan Wood Capital Management LLC grew its position in shares of Canopy Growth by 212.5% during the 4th quarter. Sullivan Wood Capital Management LLC now owns 772,785 shares of the company's stock valued at $881,000 after acquiring an additional 525,500 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of 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 acquiring an additional 4,037,281 shares during the period. Lake Street Private Wealth LLC increased its stake in shares of Canopy Growth by 16.9% in the 4th quarter. Lake Street Private Wealth LLC now owns 90,300 shares of the company's stock worth $103,000 after purchasing an additional 13,050 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in shares of Canopy Growth by 23.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 73,739 shares of the company's stock worth $84,000 after purchasing an additional 13,814 shares in the last quarter. 3.33% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Canopy Growth news, insider Christelle Gedeon sold 58,994 shares of Canopy Growth stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $0.97, for a total value of $57,224.18. Following the sale, the insider owned 705,506 shares of the company's stock, valued at $684,340.82. The trade was a 7.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Luc Mongeau sold 135,231 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $0.97, for a total value of $131,174.07. Following the transaction, the chief executive officer owned 1,723,913 shares of the company's stock, valued at $1,672,195.61. This represents a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 224,958 shares of company stock worth $217,137. Corporate insiders own 0.16% of the company's stock.

Canopy Growth Stock Down 1.0%

Shares of CGC stock opened at $0.95 on Wednesday. The company's fifty day simple moving average is $1.03 and its two-hundred day simple moving average is $1.09. Canopy Growth Corporation has a 52 week low of $0.84 and a 52 week high of $2.38. The stock has a market cap of $426.00 million, a P/E ratio of -1.61 and a beta of 0.79. The company has a quick ratio of 2.64, a current ratio of 3.34 and a debt-to-equity ratio of 0.31.

Canopy Growth (NASDAQ:CGC - Get Free Report) last issued its 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 firm had revenue of $51.22 million during 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%. Analysts predict that Canopy Growth Corporation will post -0.11 EPS for the current fiscal year.

Analyst Ratings Changes

CGC has been the topic of several analyst reports. Wall Street Zen downgraded Canopy Growth from a "hold" rating to a "sell" rating in a research report on Sunday, March 29th. Weiss Ratings upgraded Canopy Growth from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, June 29th. ATB Cormark Capital Markets raised Canopy Growth from a "strong sell" rating to a "moderate buy" rating in a research note on Tuesday, March 17th. Finally, Canaccord Genuity Group began coverage on Canopy Growth in a research report on Friday, March 27th. They set a "buy" rating on the stock. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Canopy Growth currently has a consensus rating of "Hold".

Canopy Growth Profile

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.

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