Canopy Growth Corporation [CGC] is -12.14% lower this YTD. Is it still time to buy?

Canopy Growth Corporation [NYSE: CGC] slipped around -1.2 points on Monday, while shares priced at $18.53 at the close of the session, down -6.08%. The company report on October 1, 2020 that Canopy Growth and Acreage Holdings Announce Initial Plans to Launch THC-Infused Beverages in the U.S. Next Summer.

SMITHS FALLS, ON and NEW YORK, Oct. 1, 2020 /CNW/ – Canopy Growth Corporation (“Canopy Growth”) (TSX:WEED) (NYSE:CGC) and Acreage Holdings, Inc. (CSE:ACRG.A.U) (CSE: ACRG.B.U), (OTC: ACRHF) (OTC: ACRDF) announced today that following the implementation of their amended arrangement, Acreage has developed a plan to market Canopy Growth’s diverse beverage portfolio in the United States.

Leading with legal adult-use markets in Illinois and California, Acreage anticipates launching Canopy Growth’s select, sessionable THC beverage formulations in summer 2021. In addition to selling products in its own dispensaries, Acreage will access existing distribution channels through strategic corporate relationships.

Canopy Growth Corporation stock is now -12.14% down from its year-to-date (YTD) trading value. CGC Stock saw the intraday high of $19.72 and lowest of $18.425 per share. The company’s 52-week high price is 25.97, which means current price is +105.89% above from all time high which was touched on 01/15/20.

Compared to the average trading volume of 4.99M shares, CGC reached a trading volume of 5165396 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Canopy Growth Corporation [CGC]?

CFRA have made an estimate for Canopy Growth Corporation shares, keeping their opinion on the stock as Strong Buy, with their previous recommendation back on September 04, 2020. The new note on the price target was released on June 01, 2020, representing the official price target for Canopy Growth Corporation stock.

The Average True Range (ATR) for Canopy Growth Corporation is set at 1.08 The Price to Book ratio for the last quarter was 3.51.

How has CGC stock performed recently?

Canopy Growth Corporation [CGC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.46. With this latest performance, CGC shares gained by 30.77% in over the last four-week period, additionally plugging by 10.69% over the last 6 months – not to mention a drop of -15.47% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CGC stock in for the last two-week period is set at 55.13, with the RSI for the last a single of trading hit 52.90, and the three-weeks RSI is set at 55.06 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 16.61, while it was recorded at 19.39 for the last single week of trading, and 17.17 for the last 200 days.

Canopy Growth Corporation [CGC]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Canopy Growth Corporation [CGC] shares currently have an operating margin of -257.00 and a Gross Margin at -25.93. Canopy Growth Corporation’s Net Margin is presently recorded at -331.35.

Return on Total Capital for CGC is now -14.65, given the latest momentum, and Return on Invested Capital for the company is -19.95. Return on Equity for this stock declined to -22.32, with Return on Assets sitting at -16.90. When it comes to the capital structure of this company, Canopy Growth Corporation [CGC] has a Total Debt to Total Equity ratio set at 12.81. Additionally, CGC Total Debt to Total Capital is recorded at 11.35, with Total Debt to Total Assets ending up at 9.13. Long-Term Debt to Equity for the company is recorded at 11.65, with the Long-Term Debt to Total Capital now at 10.32.

Reflecting on the efficiency of the workforce at the company, Canopy Growth Corporation [CGC] managed to generate an average of -$297,999 per employee. Receivables Turnover for the company is 4.05 with a Total Asset Turnover recorded at a value of 0.05.

Insider trade positions for Canopy Growth Corporation [CGC]

There are presently around $641 million, or 13.35% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: VANGUARD GROUP INC with ownership of 6,417,155, which is approximately 18.816% of the company’s market cap and around 41.62% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 2,681,746 shares of the stock with an approximate value of $49.69 million in CGC stocks shares; and BANK OF MONTREAL /CAN/, currently with $35.04 million in CGC stock with ownership of nearly 26.356% of the company’s market capitalization.

Positions in Canopy Growth Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 154 institutional holders increased their position in Canopy Growth Corporation [NYSE:CGC] by around 5,871,429 shares. Additionally, 131 investors decreased positions by around 7,520,225 shares, while 109 investors held positions by with 21,220,949 shares. The mentioned changes placed institutional holdings at 34,612,603 shares, according to the latest SEC report filing. CGC stock had 47 new institutional investments in for a total of 913,689 shares, while 50 institutional investors sold positions of 3,656,640 shares during the same period.

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