Baader Bank Aktiengesellschaft Acquires 78,275 Shares of Canopy Growth Co. (NASDAQ:CGC)

Baader Bank Aktiengesellschaft grew its holdings in shares of Canopy Growth Co. (NASDAQ:CGC) by 137.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 135,275 shares of the company’s stock after buying an additional 78,275 shares during the period. Baader Bank Aktiengesellschaft owned approximately 0.18% of Canopy Growth worth $873,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Virtu Financial LLC acquired a new stake in Canopy Growth in the first quarter valued at approximately $544,000. Tidal Investments LLC acquired a new stake in Canopy Growth in the first quarter valued at approximately $21,718,000. Murchinson Ltd. bought a new stake in Canopy Growth during the 1st quarter worth approximately $13,149,000. B. Riley Wealth Advisors Inc. bought a new stake in Canopy Growth during the 1st quarter worth approximately $475,000. Finally, Concurrent Investment Advisors LLC bought a new stake in Canopy Growth during the 1st quarter worth approximately $289,000. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Price Performance

Shares of CGC traded up $0.14 during mid-day trading on Thursday, reaching $6.98. 2,417,243 shares of the stock traded hands, compared to its average volume of 8,900,150. The firm has a fifty day moving average price of $6.92 and a 200 day moving average price of $6.83. The company has a market cap of $592.32 million, a price-to-earnings ratio of -1.07 and a beta of 0.93. The company has a current ratio of 1.58, a quick ratio of 1.25 and a debt-to-equity ratio of 0.99. Canopy Growth Co. has a 1 year low of $2.76 and a 1 year high of $19.20.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Thursday, May 30th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.05. The firm had revenue of $53.99 million during the quarter, compared to analyst estimates of $52.71 million. Canopy Growth had a negative net margin of 240.19% and a negative return on equity of 71.08%. As a group, equities research analysts predict that Canopy Growth Co. will post -1.07 earnings per share for the current year.

Insider Transactions at Canopy Growth

In other news, Director Willy Kruh sold 3,738 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $9.94, for a total value of $37,155.72. Following the transaction, the director now owns 17,295 shares of the company’s stock, valued at approximately $171,912.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 7,545 shares of company stock valued at $67,997 in the last quarter. Insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on CGC shares. Piper Sandler decreased their price objective on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Atb Cap Markets upgraded shares of Canopy Growth to a “hold” rating in a research note on Monday, June 17th.

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.