Mirae Asset Global Investments Co. Ltd. lifted its stake in Canopy Growth Co. (NASDAQ:CGC – Get Rating) by 59.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,616,192 shares of the company’s stock after purchasing an additional 980,324 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.53% of Canopy Growth worth $6,063,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CGC. Contrarius Investment Management Ltd acquired a new stake in shares of Canopy Growth in the third quarter valued at about $53,885,000. ETF Managers Group LLC lifted its stake in shares of Canopy Growth by 39.6% in the third quarter. ETF Managers Group LLC now owns 10,963,644 shares of the company’s stock valued at $29,931,000 after purchasing an additional 3,107,595 shares during the period. Vanguard Group Inc. lifted its stake in shares of Canopy Growth by 26.3% in the third quarter. Vanguard Group Inc. now owns 10,233,037 shares of the company’s stock valued at $27,936,000 after purchasing an additional 2,133,358 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Canopy Growth by 148.4% in the third quarter. Two Sigma Advisers LP now owns 2,874,400 shares of the company’s stock valued at $7,847,000 after purchasing an additional 1,717,300 shares during the period. Finally, Ergoteles LLC acquired a new stake in shares of Canopy Growth in the third quarter valued at about $1,627,000. Institutional investors and hedge funds own 15.82% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently commented on CGC shares. CIBC reduced their price objective on shares of Canopy Growth from C$2.50 to C$1.75 in a research note on Friday, February 10th. Piper Sandler dropped their price objective on shares of Canopy Growth from $2.00 to $1.00 in a research note on Tuesday, May 2nd. Sanford C. Bernstein raised Canopy Growth from an “underperform” rating to a “market perform” rating in a research note on Tuesday, April 4th. Alliance Global Partners dropped their price target on Canopy Growth from C$4.50 to C$3.50 in a research report on Thursday, February 9th. Finally, BMO Capital Markets raised Canopy Growth from an “underperform” rating to a “market perform” rating in a report on Monday, May 1st. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Canopy Growth has an average rating of “Hold” and an average target price of $4.39.
Canopy Growth Price Performance
Canopy Growth Company Profile
Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.
Read More
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