Lake Street Private Wealth LLC Reduces Holdings in Canopy Growth Co. (NASDAQ:CGC)

Lake Street Private Wealth LLC trimmed its holdings in Canopy Growth Co. (NASDAQ:CGC) by 18.1% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 36,540 shares of the company’s stock after selling 8,098 shares during the period. Lake Street Private Wealth LLC’s holdings in Canopy Growth were worth $100,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its stake in Canopy Growth by 13.2% during the second quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock worth $214,000 after buying an additional 3,864 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of Canopy Growth by 19.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company’s stock valued at $358,000 after buying an additional 9,226 shares during the period. Sassicaia Capital Advisers LLC acquired a new position in Canopy Growth during the 3rd quarter worth about $54,000. PFG Investments LLC purchased a new position in Canopy Growth during the 3rd quarter valued at about $54,000. Finally, Financial Advocates Investment Management acquired a new position in Canopy Growth in the 3rd quarter valued at about $57,000. Institutional investors and hedge funds own 3.33% of the company’s stock.

Canopy Growth Price Performance

NASDAQ:CGC opened at $2.18 on Friday. Canopy Growth Co. has a 12-month low of $2.15 and a 12-month high of $14.92. The company has a current ratio of 1.39, a quick ratio of 1.07 and a debt-to-equity ratio of 0.82. The stock has a fifty day moving average price of $3.21 and a 200 day moving average price of $4.77.

Wall Street Analyst Weigh In

Separately, Atb Cap Markets lowered shares of Canopy Growth from a “hold” rating to a “strong sell” rating in a research note on Monday, December 16th.

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.