Legacy Capital Wealth Partners LLC Cuts Stake in Canopy Growth Co. (NASDAQ:CGC)

Legacy Capital Wealth Partners LLC decreased its position in shares of Canopy Growth Co. (NASDAQ:CGC - Free Report) by 90.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,555 shares of the company's stock after selling 121,995 shares during the quarter. Legacy Capital Wealth Partners LLC's holdings in Canopy Growth were worth $69,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Lake Street Financial LLC increased its stake in shares of Canopy Growth by 43.7% in the 3rd quarter. Lake Street Financial LLC now owns 77,400 shares of the company's stock valued at $63,000 after acquiring an additional 23,550 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Canopy Growth by 83.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 544,333 shares of the company's stock valued at $426,000 after acquiring an additional 247,407 shares in the last quarter. FinTrust Capital Advisors LLC increased its stake in shares of Canopy Growth by 89.2% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company's stock valued at $91,000 after acquiring an additional 55,000 shares in the last quarter. Genesee Capital Advisors LLC bought a new stake in shares of Canopy Growth in the 3rd quarter valued at $40,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of Canopy Growth in the 3rd quarter valued at $39,000. Institutional investors own 3.33% of the company's stock.

Wall Street Analysts Forecast Growth

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

Canopy Growth Stock Performance

Shares of NASDAQ CGC traded up $6.56 during mid-day trading on Tuesday, reaching $14.88. 82,640,000 shares of the company's stock were exchanged, compared to its average volume of 10,689,922. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -0.98 and a beta of 1.37. Canopy Growth Co. has a 52 week low of $2.76 and a 52 week high of $19.20. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.79 and a quick ratio of 1.40. The firm has a 50-day moving average price of $6.30 and a two-hundred day moving average price of $5.56.

Canopy Growth (NASDAQ:CGC - Get Free Report) last announced its quarterly earnings data on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $57.67 million during the quarter, compared to the consensus estimate of $53.25 million. Analysts predict that Canopy Growth Co. will post -6.14 EPS for the current year.

Canopy Growth Profile

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.