Mirae Asset Global Investments Co. Ltd. Has $1.11 Million Stock Holdings in Canopy Growth Co. (NASDAQ:CGC)

Mirae Asset Global Investments Co. Ltd. reduced its position in shares of Canopy Growth Co. (NASDAQ:CGC - Free Report) by 93.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 215,817 shares of the company's stock after selling 3,319,714 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.26% of Canopy Growth worth $1,106,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC bought a new stake in shares of Canopy Growth during the 3rd quarter worth $18,140,000. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Canopy Growth by 197.5% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company's stock worth $34,000 after acquiring an additional 28,666 shares in the last quarter. Sycomore Asset Management bought a new stake in shares of Canopy Growth during the 3rd quarter worth $39,000. TD Asset Management Inc boosted its stake in shares of Canopy Growth by 26.2% during the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company's stock worth $298,000 after acquiring an additional 79,639 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Canopy Growth by 30.7% in the third quarter. Mackenzie Financial Corp now owns 173,330 shares of the company's stock valued at $136,000 after purchasing an additional 40,675 shares in the last quarter. 3.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Piper Sandler reduced their target price on Canopy Growth from $5.00 to $3.00 and set an "underperform" rating for the company in a report on Monday, February 12th. Sanford C. Bernstein increased their price objective on Canopy Growth to $5.00 and gave the stock a "market perform" rating in a report on Wednesday, January 31st.

Canopy Growth Stock Up 15.0 %

NASDAQ CGC traded up $1.18 during trading on Tuesday, hitting $9.03. 11,984,907 shares of the company traded hands, compared to its average volume of 9,824,330. Canopy Growth Co. has a 12 month low of $2.76 and a 12 month high of $19.20. The business has a fifty day simple moving average of $5.56 and a 200 day simple moving average of $5.44. The company has a current ratio of 1.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $822.81 million, a P/E ratio of -0.56 and a beta of 1.37.

Canopy Growth (NASDAQ:CGC - Get Free Report) last posted its earnings results on Friday, February 9th. The company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($1.34). Canopy Growth had a negative net margin of 326.75% and a negative return on equity of 73.48%. The company had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. As a group, sell-side analysts predict that Canopy Growth Co. will post -6.14 EPS for the current year.

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.