Geode Capital Management LLC Makes New $1.88 Million Investment in Canopy Growth Co. (NASDAQ:CGC)

Geode Capital Management LLC acquired a new position in Canopy Growth Co. (NASDAQ:CGC - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The fund acquired 289,097 shares of the company's stock, valued at approximately $1,882,000. Geode Capital Management LLC owned approximately 0.31% of Canopy Growth at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Headlands Technologies LLC lifted its holdings in Canopy Growth by 36,747.5% during the 2nd quarter. Headlands Technologies LLC now owns 117,912 shares of the company's stock worth $761,000 after buying an additional 117,592 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Canopy Growth by 168.6% during the second quarter. Squarepoint Ops LLC now owns 91,227 shares of the company's stock worth $588,000 after purchasing an additional 57,262 shares during the last quarter. TD Asset Management Inc boosted its holdings in Canopy Growth by 16.1% in the second quarter. TD Asset Management Inc now owns 74,758 shares of the company's stock worth $483,000 after purchasing an additional 10,376 shares during the period. AdvisorShares Investments LLC increased its stake in Canopy Growth by 86.7% during the second quarter. AdvisorShares Investments LLC now owns 68,922 shares of the company's stock valued at $440,000 after purchasing an additional 32,000 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in shares of Canopy Growth by 19.9% during the second quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company's stock worth $358,000 after purchasing an additional 9,226 shares during the period. 3.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Atb Cap Markets cut Canopy Growth from a "hold" rating to a "strong sell" rating in a research note on Monday, December 16th.

Canopy Growth Stock Performance

Shares of NASDAQ CGC traded down $0.21 during midday trading on Thursday, hitting $2.66. 6,584,895 shares of the company's stock were exchanged, compared to its average volume of 6,586,812. Canopy Growth Co. has a twelve month low of $2.60 and a twelve month high of $14.92. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.39 and a quick ratio of 1.07. The firm has a market cap of $289.79 million, a P/E ratio of -0.54 and a beta of 0.87. The stock's 50 day moving average price is $3.52 and its 200-day moving average price is $4.95.

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 the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.