Canopy Growth Corporation [NASDAQ: CGC] gained 4.65% on the last trading session, reaching $28.16 price per share at the time. The company report on April 21, 2021 that Canopy Growth Signs U.S. Distribution Agreement with Southern Glazer’s Wine & Spirits for CBD Beverage Portfolio.
The Company Will Tap into Southern Glazer’s Established Distribution Network to Bring Quatreau, its CBD-Infused Sparkling Water, to U.S. Retailers.
Canopy Growth Corporation (“Canopy Growth”) (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, CBD and vaporization device company, announced Southern Glazer’s Wine & Spirits (“Southern Glazer’s”), the world’s pre-eminent distributor of beverage alcohol, as the distribution partner for its U.S. portfolio of CBD-infused beverages. This partnership announcement follows the recent launch of Quatreau – Canopy’s first line of CBD-infused beverages sold in the U.S market.
Canopy Growth Corporation represents 382.32 million in outstanding shares, while the company has a total market value of $10.77 billion with the latest information. CGC stock price has been found in the range of $26.70 to $28.38.
If compared to the average trading volume of 5.65M shares, CGC reached a trading volume of 3781201 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Canopy Growth Corporation [CGC]:
BofA Securities have made an estimate for Canopy Growth Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on April 28, 2021. The new note on the price target was released on February 24, 2021, representing the official price target for Canopy Growth Corporation stock.
The Average True Range (ATR) for Canopy Growth Corporation is set at 1.48, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 21.27. The Price to Book ratio for the last quarter was 2.66.
Trading performance analysis for CGC stock
Canopy Growth Corporation [CGC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.64. With this latest performance, CGC shares dropped by -9.86% in over the last four-week period, additionally plugging by 51.97% over the last 6 months – not to mention a rise of 68.22% 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 45.18, with the RSI for the last a single of trading hit 49.54, and the three-weeks RSI is set at 44.42 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 31.72, while it was recorded at 27.31 for the last single week of trading, and 25.47 for the last 200 days.
Canopy Growth Corporation [CGC]: A deeper dive into fundamental analysis
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.
An analysis of insider ownership at Canopy Growth Corporation [CGC]
There are presently around $1,318 million, or 15.00% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: VANGUARD GROUP INC with ownership of 6,574,976, which is approximately 0.479% of the company’s market cap and around 38.58% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 2,955,631 shares of the stock with an approximate value of $83.23 million in CGC stocks shares; and SUSQUEHANNA INTERNATIONAL GROUP, LLP, currently with $77.57 million in CGC stock with ownership of nearly -7.455% of the company’s market capitalization.
Positions in Canopy Growth Corporation stocks held by institutional investors increased at the end of June and at the time of the June reporting period, where 249 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 11,995,220 shares. Additionally, 108 investors decreased positions by around 3,228,664 shares, while 115 investors held positions by with 31,572,899 shares. The mentioned changes placed institutional holdings at 46,796,783 shares, according to the latest SEC report filing. CGC stock had 115 new institutional investments in for a total of 5,190,784 shares, while 35 institutional investors sold positions of 1,268,695 shares during the same period.