Legacy Capital Wealth Partners LLC Sells 121,995 Shares of Canopy Growth Co. (NASDAQ:CGC)

Legacy Capital Wealth Partners LLC lowered its position in shares of Canopy Growth Co. (NASDAQ:CGC) by 90.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,555 shares of the company’s stock after selling 121,995 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Canopy Growth were worth $69,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CGC. Lord Abbett & CO. LLC bought a new position in Canopy Growth in the 3rd quarter valued at approximately $18,140,000. Commonwealth Equity Services LLC grew its position in 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 purchasing an additional 247,407 shares during the period. TD Asset Management Inc increased its stake in Canopy Growth by 26.2% during the 3rd quarter. TD Asset Management Inc now owns 383,086 shares of the company’s stock valued at $298,000 after purchasing an additional 79,639 shares in the last quarter. Mackenzie Financial Corp raised its holdings in Canopy Growth by 30.7% during the third quarter. Mackenzie Financial Corp now owns 173,330 shares of the company’s stock worth $136,000 after buying an additional 40,675 shares during the last quarter. Finally, FinTrust Capital Advisors LLC lifted its stake in shares of Canopy Growth by 89.2% in the third quarter. FinTrust Capital Advisors LLC now owns 116,690 shares of the company’s stock valued at $91,000 after buying an additional 55,000 shares in the last quarter. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Trading Down 6.6 %

Shares of Canopy Growth stock opened at $8.32 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.40 and a current ratio of 1.79. The stock has a market capitalization of $833.89 million, a P/E ratio of -0.55 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 stock’s 50-day simple moving average is $6.07 and its 200 day simple moving average is $5.51.

Canopy Growth (NASDAQ:CGC) last released 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 company had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. As a group, research analysts anticipate that Canopy Growth Co. will post -6.14 EPS for the current year.

Wall Street Analyst Weigh In

CGC has been the topic of a number of recent research reports. Piper Sandler dropped their target price on Canopy Growth from $5.00 to $3.00 and set an “underperform” rating on the stock in a report on Monday, February 12th. Sanford C. Bernstein lifted their price objective on shares of Canopy Growth to $5.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st.

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.