Bayesian Capital Management LP Lowers Stock Position in Canopy Growth Co. (NASDAQ:CGC)

Bayesian Capital Management LP lowered its position in Canopy Growth Co. (NASDAQ:CGC) by 34.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,200 shares of the company’s stock after selling 6,440 shares during the period. Bayesian Capital Management LP’s holdings in Canopy Growth were worth $105,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Genesee Capital Advisors LLC boosted its position in shares of Canopy Growth by 29.9% in the first quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock valued at $113,000 after acquiring an additional 3,000 shares during the period. PCG Wealth Advisors LLC boosted its position in shares of Canopy Growth by 73.6% in the first quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock valued at $271,000 after acquiring an additional 13,300 shares during the period. Concurrent Investment Advisors LLC bought a new position in shares of Canopy Growth in the first quarter valued at approximately $289,000. Gainplan LLC bought a new stake in Canopy Growth during the first quarter valued at approximately $302,000. Finally, SG Americas Securities LLC bought a new stake in Canopy Growth during the first quarter valued at approximately $740,000. Hedge funds and other institutional investors own 3.33% of the company’s stock.

Canopy Growth Stock Performance

CGC opened at $6.77 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.25 and a current ratio of 1.58. The company’s 50-day simple moving average is $7.27 and its two-hundred day simple moving average is $6.69. Canopy Growth Co. has a 52-week low of $2.76 and a 52-week 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 the consensus estimate of ($0.33) by $0.05. Canopy Growth had a negative net margin of 185.77% and a negative return on equity of 62.67%. The firm had revenue of $53.99 million during the quarter, compared to analyst estimates of $52.71 million. On average, research analysts forecast that Canopy Growth Co. will post -1.07 EPS for the current year.

Wall Street Analyst Weigh In

CGC has been the topic of several analyst reports. Atb Cap Markets raised shares of Canopy Growth to a “hold” rating in a research note on Monday, June 17th. Piper Sandler decreased their target price on shares of Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th.

Insider Buying and Selling

In other Canopy Growth news, Director Willy Kruh sold 3,738 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $9.94, for a total transaction of $37,155.72. Following the completion of the sale, the director now directly 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 SEC, which is available at this link. In the last ninety days, insiders sold 7,545 shares of company stock valued at $67,997. 0.35% of the stock is owned by corporate insiders.

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.